Illinois Compiled Statutes 810 ILCS 5/2A-512 – Lessee’s duties as to rightfully rejected goods
Current as of: 2024 | Check for updates
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(1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 2A-511) and subject to any security interest of a lessee (Section 2A-508(5)):
(a) the lessee, after rejection of goods in the
(a) the lessee, after rejection of goods in the
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lessee’s possession, shall hold them with reasonable care at the lessor‘s or the supplier‘s disposition for a reasonable time after the lessee’s seasonable notification of rejection;
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(b) if the lessor or the supplier gives no
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instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor’s or the supplier’s account or ship them to the lessor or the supplier or dispose of them for the lessor’s or the supplier’s account with reimbursement in the manner provided in Section 2A-511; but
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(c) the lessee has no further obligations with regard
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to goods rightfully rejected.
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(2) Action by the lessee pursuant to subsection (1) is not acceptance or conversion.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-512
- 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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