TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 12

UNIFORM COMMERCIAL CODE — LEASES

PART 5.

DEFAULT

28-12-522.  Lessee’s right to goods on lessor’s insolvency. (1) Subject to the provisions of subsection (2) of this section and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (section 28-12-217) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten (10) days after receipt of the first installment of rent and security.

(2)  A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.

History:

[28-12-522, added 1993, ch. 287, sec. 1, p. 1008.]