Illinois Compiled Statutes 810 ILCS 5/2A-522 – Lessee’s right to goods on lessor’s insolvency
Current as of: 2024 | Check for updates
|
Other versions
(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 2A-217) 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.
(2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/2A-522
- 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 | |||||||||||
|