Iowa Code 537.3618 – Default
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An agreement of the parties to a consumer rental purchase agreement with respect to default on the part of the lessee is enforceable only to the extent that one of the following apply:
1. The lessee both fails to renew an agreement and also fails to return the rented property or make arrangements for its return as provided by the agreement.
Terms Used In Iowa Code 537.3618
- Agreement: means the oral or written bargain of the parties 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. See Iowa Code 537.1301
- Consumer: means the buyer, lessee, or debtor to whom credit is granted in a consumer credit transaction. See Iowa Code 537.1301
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
2. The prospect of payment, performance, or return of the property is materially impaired due to a breach of the consumer rental purchase agreement; the burden of establishing the prospect of material impairment is on the lessor.