Part 1 General Provisions
Part 2 Formation and Construction of Lease Contract
Part 3 Effect of Lease Contract
Part 4 Performance of Lease Contract: Repudiated, Substituted and Excused
Part 5 Default

Terms Used In Tennessee Code > Title 47 > Chapter 2A

  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • 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
  • 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
  • Fault: means wrongful act, omission, breach, or default. See
  • Finance lease: means a lease with respect to which:

    (i) the lessor does not select, manufacture, or supply the goods. See

  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See
  • 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
  • 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
  • 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
  • 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
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See
  • 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
  • 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
  • Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • 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
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See
  • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • 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
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See
  • Supply contract: means a contract under which a lessor buys or leases goods to be leased. See
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105