West Virginia Code 46-2A-221 – Casualty to identified goods
If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or section 2A-219, then:
Terms Used In West Virginia Code 46-2A-221
- Contract: A legal written agreement that becomes binding when signed.
- Fault: means wrongful act, omission, breach or default. See West Virginia Code 46-2A-103
- Finance lease: means a lease with respect to which:
(i) The lessor does not select, manufacture or supply the goods. See West Virginia Code 46-2A-103
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See West Virginia Code 46-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See West Virginia Code 46-2A-103
- Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See West Virginia Code 46-2A-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See West Virginia Code 46-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See West Virginia Code 46-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See West Virginia Code 46-2A-103
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See West Virginia Code 46-2A-103
(a) If the loss is total, the lease contract is avoided; and
(b) If the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at his or her option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.