New Jersey Statutes 12A:2A-221. Casualty to identified goods
Terms Used In New Jersey Statutes 12A:2A-221
- Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is a natural person and who takes under the lease primarily for a personal, family, or household purpose. See New Jersey Statutes 12A:2A-103
- Contract: A legal written agreement that becomes binding when signed.
- Fault: means wrongful act, omission, breach, or default. See New Jersey Statutes 12A:2A-103
- Finance lease: means a lease with respect to which:
(i) the lessor does not select, manufacture, or supply the goods. See New Jersey Statutes 12A:2A-103 - Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (12A: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 New Jersey Statutes 12A:2A-103
- 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 New Jersey Statutes 12A:2A-103
- 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 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 chapter. See New Jersey Statutes 12A:2A-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See New Jersey Statutes 12A:2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See New Jersey Statutes 12A:2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See New Jersey Statutes 12A:2A-103
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See New Jersey Statutes 12A:2A-103
If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or 12A:2A-219, then:
(1) if the loss is total, the lease contract is avoided; and
(2) if the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at the lessee’s option either treat the lease contract as avoided or, except in a finance lease that is not a consumer lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.
L.1994,c.114,s.1.