§ 25-2A-101 Short title
§ 25-2A-102 Scope
§ 25-2A-103 Definitions and index of definitions
§ 25-2A-104 Leases subject to other law
§ 25-2A-105 Territorial application of Article to goods covered by certificate of title
§ 25-2A-106 Limitation on power of parties to consumer lease to choose applicable law and judicial forum
§ 25-2A-107 Waiver or renunciation of claim or right after default
§ 25-2A-108 Unconscionability
§ 25-2A-109 Option to accelerate at will
§ 25-2A-201 Statute of frauds
§ 25-2A-202 Final written expression: parol or extrinsic evidence
§ 25-2A-203 Seals inoperative
§ 25-2A-204 Formation in general
§ 25-2A-205 Firm offers
§ 25-2A-206 Offer and acceptance in formation of lease contract
§ 25-2A-208 Modification, rescission and waiver
§ 25-2A-209 Lessee under finance lease as beneficiary of supply contract
§ 25-2A-210 Express warranties
§ 25-2A-211 Warranties against interference and against infringement; lessee’s obligation against infringement
§ 25-2A-212 Implied warranty of merchantability
§ 25-2A-213 Implied warranty of fitness for particular purpose
§ 25-2A-214 Exclusion or modification of warranties
§ 25-2A-215 Cumulation and conflict of warranties express or implied
§ 25-2A-216 Third-party beneficiaries of express and implied warranties
§ 25-2A-217 Identification
§ 25-2A-218 Insurance and proceeds
§ 25-2A-219 Risk of loss
§ 25-2A-220 Effect of default on risk of loss
§ 25-2A-221 Casualty to identified goods
§ 25-2A-301 Enforceability of lease contract
§ 25-2A-302 Title to and possession of goods
§ 25-2A-303 Alienability of party’s interest under lease contract or of lessor’s residual interest in goods; delegation of performance; transfer of rights
§ 25-2A-304 Subsequent lease of goods by lessor
§ 25-2A-305 Sale or sublease of goods by lessee
§ 25-2A-306 Priority of certain liens arising by operation of law
§ 25-2A-307 Priority of liens arising by attachment or levy on, security interests in, and other claims to goods
§ 25-2A-308 Special rights of creditors
§ 25-2A-309 Lessor’s and lessee’s rights when goods become fixtures
§ 25-2A-310 Lessor’s and lessee’s rights when goods become accessions
§ 25-2A-401 Insecurity: adequate assurance of performance
§ 25-2A-402 Anticipatory repudiation
§ 25-2A-403 Retraction of anticipatory repudiation
§ 25-2A-404 Substituted performance
§ 25-2A-405 Excused performance
§ 25-2A-406 Procedure on excused performance
§ 25-2A-407 Irrevocable promises: finance leases
§ 25-2A-501 Default: procedure
§ 25-2A-502 Notice after default
§ 25-2A-503 Modification or impairment of rights and remedies
§ 25-2A-504 Liquidation of damages
§ 25-2A-505 Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies
§ 25-2A-506 Statute of limitations
§ 25-2A-507 Proof of market rent: time and place
§ 25-2A-508 Lessee’s remedies
§ 25-2A-509 Lessee’s rights on improper delivery; rightful rejection
§ 25-2A-510 Installment lease contracts; rejection and default
§ 25-2A-511 Merchant lessee’s duties as to rightfully rejected goods
§ 25-2A-512 Lessee’s duties as to rightfully rejected goods
§ 25-2A-513 Cure by lessor of improper tender or delivery; replacement
§ 25-2A-514 Waiver of lessee’s objections
§ 25-2A-515 Acceptance of goods
§ 25-2A-516 Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over
§ 25-2A-517 Revocation of acceptance of goods
§ 25-2A-518 Cover; substitute goods
§ 25-2A-519 Lessee’s damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods
§ 25-2A-520 Lessee’s incidental and consequential damages
§ 25-2A-521 Lessee’s right to specific performance or replevin
§ 25-2A-522 Lessee’s right to goods on lessor’s insolvency
§ 25-2A-523 Lessor’s remedies
§ 25-2A-524 Lessor’s right to identify goods to lease contract
§ 25-2A-525 Lessor’s right to possession of goods
§ 25-2A-526 Lessor’s stoppage of delivery in transit or otherwise
§ 25-2A-527 Lessor’s rights to dispose of goods
§ 25-2A-528 Lessor’s damages for nonacceptance, failure to pay, repudiation, or other default
§ 25-2A-529 Lessor’s action for the rent
§ 25-2A-530 Lessor’s incidental damages
§ 25-2A-531 Standing to sue third parties for injury to goods
§ 25-2A-532 Lessor’s rights to residual interest

Terms Used In North Carolina General Statutes > Chapter 25 > Article 2A - Leases

  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • 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 North Carolina General Statutes 25-2A-103
  • 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, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed twenty-five thousand dollars ($25,000). See North Carolina General Statutes 25-2A-103
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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:
  • 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.
  • Fault: means wrongful act, omission, breach, or default. See North Carolina General Statutes 25-2A-103
  • Fiduciary: A trustee, executor, or administrator.
  • Finance lease: means a lease with respect to which: (i) the lessor does not select, manufacture, or supply the goods; (ii) the lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and (iii) one of the following occurs:

    Source: OCC

  • 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 North Carolina General Statutes 25-2A-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 North Carolina General Statutes 25-2A-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 North Carolina General Statutes 25-2A-103
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See North Carolina General Statutes 25-2A-103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See North Carolina General Statutes 25-2A-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See North Carolina General Statutes 25-2A-103
  • 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 North Carolina General Statutes 25-2A-103
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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 North Carolina General Statutes 25-2A-103
  • Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See North Carolina General Statutes 25-2A-103
  • 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.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See North Carolina General Statutes 25-2A-103
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
  • Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
  • Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See North Carolina General Statutes 25-2A-103
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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.
  • 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.
  • seal: shall be construed to include an impression of such official seal, made upon the paper alone, as well as an impression made by means of a wafer or of wax affixed thereto. See North Carolina General Statutes 12-3
  • 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 the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • 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 North Carolina General Statutes 25-2A-103
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See North Carolina General Statutes 25-2A-103
  • Supply contract: means a contract under which a lessor buys or leases goods to be leased. See North Carolina General Statutes 25-2A-103
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • 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