Illinois Compiled Statutes 810 ILCS 5/2A-524 – Lessor’s right to identify goods to lease contract
Current as of: 2024 | Check for updates
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(1) A lessor aggrieved under Section 2A-523(1) may:
(a) identify to the lease contract conforming goods
(a) identify to the lease contract conforming goods
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not already identified if at the time the lessor learned of the default they were in the lessor’s or the supplier‘s possession or control; and
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(b) dispose of goods (Section 2A-527(1)) that
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demonstrably have been intended for the particular lease contract even though those goods are unfinished.
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(2) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-524
- Contract: A legal written agreement that becomes binding when signed.
- 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 Illinois Compiled Statutes 810 ILCS 5/2A-103 | |||||||||||
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