New Hampshire Revised Statutes 361-D:12 – Rights of Assignee of Lessor
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I. An assignee of the lessor’s rights shall be subject to all equities and defenses of the lessee against the lessor that are clear on the face of the lease, notwithstanding an agreement to the contrary, but the assignee’s liability may not exceed the amount of the obligation owing to the assignee at the time of the assignment.
II. The assignee shall have no liability for errors or omissions made by the lessor or lessor’s agent when providing itemization of the components of capitalized cost pursuant to N.H. Rev. Stat. § 361-D:3, III(q).
III. The assignee shall have recourse against the lessor to the extent of any liability incurred by the assignee pursuant to this section regardless of whether the assignment was with or without recourse.
II. The assignee shall have no liability for errors or omissions made by the lessor or lessor’s agent when providing itemization of the components of capitalized cost pursuant to N.H. Rev. Stat. § 361-D:3, III(q).
Terms Used In New Hampshire Revised Statutes 361-D:12
- 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
- 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.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
III. The assignee shall have recourse against the lessor to the extent of any liability incurred by the assignee pursuant to this section regardless of whether the assignment was with or without recourse.