Section 2-A-514. Waiver of Lessee's Objections.

Terms Used In N.Y. Uniform Commercial Code 2-A-514

  • Goods: means all things that are movable at the time of

    identification to the lease contract, or are fixtures

    (Section 2-A-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 N.Y. Uniform Commercial Code 2-A-103
  • Lessee: means a person who acquires the right to possession

    and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103
  • Lessor: means a person who transfers the right to possession

    and use of goods under a lease. See N.Y. Uniform Commercial Code 2-A-103
  • Supplier: means a person from whom a lessor buys or leases

    goods to be leased under a finance lease. See N.Y. Uniform Commercial Code 2-A-103

(1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default:

(a) if, stated seasonably, the lessor or the supplier could have

cured it (Section 2-A-513); or

(b) between merchants if the lessor or the supplier after

rejection has made a request in writing for a full and final

written statement of all defects on which the lessee proposes

to rely.

(2) A lessee's failure to reserve rights when paying rent or other consideration against documents precludes recovery of the payment for defects apparent on the face of the documents.