Section 440.2972 - Insolvency of lessor; recovery of conforming goods after receipt of first installment of rent and security.

UNIFORM COMMERCIAL CODE (EXCERPT)
Act 174 of 1962

440.2972 Insolvency of lessor; recovery of conforming goods after receipt of first installment of rent and security.

Sec. 2A522.

(1) Subject to subsection (2) 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 2A217) 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 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: Add. 1992, Act 101, Eff. Sept. 30, 1992