§ 355.2A-101 Short title
§ 355.2A-102 Scope
§ 355.2A-103 Definitions and index of definitions
§ 355.2A-104 Lease subject to other law
§ 355.2A-105 Territorial application of article to goods covered by certificate of title
§ 355.2A-106 Limitation on power of parties to consumer lease to choose applicable law and judicial forum
§ 355.2A-107 Waiver or renunciation of claim or right after default
§ 355.2A-108 Unconscionability
§ 355.2A-109 Option to accelerate at will
§ 355.2A-110 Use of comments
§ 355.2A-201 Statute of frauds
§ 355.2A-202 Final written expression — Parol or extrinsic evidence
§ 355.2A-203 Seals inoperative
§ 355.2A-204 Formation in general
§ 355.2A-205 Firm offers
§ 355.2A-206 Offer and acceptance in formation of lease contract
§ 355.2A-208 Modification, rescission and waiver
§ 355.2A-209 Lessee under finance lease as beneficiary of supply contract
§ 355.2A-210 Express warranties
§ 355.2A-211 Warranties against interference and against infringement — Lessee’s obligation against infringement
§ 355.2A-212 Implied warranty of merchantability
§ 355.2A-213 Implied warranty of fitness for particular purpose
§ 355.2A-214 Exclusion or modification of warranties
§ 355.2A-215 Cumulation and conflict of warranties express or implied
§ 355.2A-216 Third-party beneficiaries of express and implied warranties
§ 355.2A-217 Identification
§ 355.2A-218 Insurance and proceeds
§ 355.2A-219 Risk of loss
§ 355.2A-220 Effect of default on risk of loss
§ 355.2A-221 Casualty to identified goods
§ 355.2A-301 Enforceability of lease contract
§ 355.2A-302 Title to and possession of goods
§ 355.2A-303 Alienability of party’s interest under lease contract or of lessor’s residual interest in goods — Delegation of performance — Transfer of rights
§ 355.2A-304 Subsequent lease of goods by lessor
§ 355.2A-305 Sale or sublease of goods by lessee
§ 355.2A-306 Priority of certain liens arising by operation of law
§ 355.2A-307 Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
§ 355.2A-308 Special rights of creditors
§ 355.2A-309 Lessor’s and lessee’s rights when goods become fixtures
§ 355.2A-310 Lessor’s and lessee’s rights when goods become accessions
§ 355.2A-311 Priority subject to subordination
§ 355.2A-401 Insecurity: adequate assurance of performance
§ 355.2A-402 Anticipatory repudiation
§ 355.2A-403 Retraction of anticipatory repudiation
§ 355.2A-404 Substituted performance
§ 355.2A-405 Excused performances
§ 355.2A-406 Procedure on excused performance
§ 355.2A-407 Irrevocable promises: finance leases
§ 355.2A-501 Default procedure
§ 355.2A-502 Notice after default
§ 355.2A-503 Modification or impairment of rights and remedies
§ 355.2A-504 Liquidation of damages
§ 355.2A-505 Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies
§ 355.2A-506 Statute of limitations
§ 355.2A-507 Proof of market rent: time and place
§ 355.2A-508 Lessee’s remedies
§ 355.2A-509 Lessee’s rights on improper delivery — Rightful rejection
§ 355.2A-510 Installment lease contracts: rejection and default
§ 355.2A-511 Merchant lessee’s duties as to rightfully rejected goods
§ 355.2A-512 Lessee’s duties as to rightfully rejected goods
§ 355.2A-513 Cure by lessor of improper tender or delivery — Replacement
§ 355.2A-514 Waiver of lessee’s objections
§ 355.2A-515 Acceptance of goods
§ 355.2A-516 Effect of acceptance of goods — Notice of default — Burden of establishing default after acceptance — Notice of claim or litigation to person answerable over
§ 355.2A-517 Revocation of acceptance of goods
§ 355.2A-518 Cover — Substitute goods
§ 355.2A-519 Lessee’s damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods
§ 355.2A-520 Lessee’s incidental and consequential damages
§ 355.2A-521 Lessee’s right to specific performance or replevin
§ 355.2A-522 Lessee’s right to goods on lessor’s insolvency
§ 355.2A-523 Lessor’s remedies
§ 355.2A-524 Lessor’s right to identify goods to lease contract
§ 355.2A-525 Lessor’s right to possession of goods
§ 355.2A-526 Lessor’s stoppage of delivery in transit or otherwise
§ 355.2A-527 Lessor’s rights to dispose of goods
§ 355.2A-528 Lessor’s damages for nonacceptance, failure to pay repudiation, or other default
§ 355.2A-529 Lessor’s action for rent
§ 355.2A-530 Lessor’s incidental damages
§ 355.2A-531 Standing to sue third parties for injury to goods
§ 355.2A-532 Lessor’s rights to residual interest

Terms Used In Kentucky Statutes > Chapter 355 > Article 2A - Leases

  • Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Attorney: means attorney-at-law. See Kentucky Statutes 446.010
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • City: includes town. See Kentucky Statutes 446.010
  • Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Kentucky Statutes 355.2A-103
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose. See Kentucky Statutes 355.2A-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Devise: To gift property by will.
  • Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Domestic: when applied to a corporation, partnership, business trust, or limited liability company, means all those incorporated or formed by authority of this state. See Kentucky Statutes 446.010
  • Donor: The person who makes a gift.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Ex officio: Literally, by virtue of one's office.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fault: means wrongful act, omission, breach, or default. See Kentucky Statutes 355.2A-103
  • Federal: refers to the United States. See Kentucky Statutes 446.010
  • Fiduciary: A trustee, executor, or administrator.
  • Finance lease: means a lease with respect to which:
    1. See Kentucky Statutes 355.2A-103
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
  • Fraud: Intentional deception resulting in injury to another.
  • Germane: On the subject of the pending bill or other business; a strict standard of relevance.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (KRS §. See Kentucky Statutes 355.2A-103
  • Grantor: The person who establishes a trust and places property into it.
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Kentucky Statutes 355.2A-103
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Kentucky Statutes 355.2A-103
  • Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee 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 as provided in this article. See Kentucky Statutes 355.2A-103
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Kentucky Statutes 355.2A-103
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Kentucky Statutes 355.2A-103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See Kentucky Statutes 355.2A-103
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Kentucky Statutes 355.2A-103
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See Kentucky Statutes 355.2A-103
  • Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See Kentucky Statutes 355.2A-103
  • Month: means calendar month. See Kentucky Statutes 446.010
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Partnership: includes both general and limited partnerships. See Kentucky Statutes 446.010
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Present value: means the amount as of a date certain of one (1) or more sums payable in the future, discounted to the date certain. See Kentucky Statutes 355.2A-103
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
  • Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Kentucky Statutes 355.2A-103
  • Quorum: The number of legislators that must be present to do business.
  • real estate: includes lands, tenements, and hereditaments and all rights thereto and interest therein, other than a chattel interest. See Kentucky Statutes 446.010
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Registered mail: means any governmental, commercial, or electronic method of delivery that allows a document or package to have:
    (a) Its chain of custody recorded in a register to enable its location to be tracked. See Kentucky Statutes 446.010
  • Regular election: means the election in even-numbered years at which members of Congress are elected and the election in odd-numbered years at which state officers are elected. See Kentucky Statutes 446.010
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Sublease: means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease. See Kentucky Statutes 355.2A-103
  • Summons: Another word for subpoena used by the criminal justice system.
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Kentucky Statutes 355.2A-103
  • Supply contract: means a contract under which a lessor buys or leases goods to be leased. See Kentucky Statutes 355.2A-103
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Treatment: when used in a criminal justice context, means targeted interventions
    that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
  • Venue: The geographical location in which a case is tried.
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Year: means calendar year. See Kentucky Statutes 446.010