Michigan Laws 440.2982 – Additional damages
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Terms Used In Michigan Laws 440.2982
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures under section 2A309, 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 Michigan Laws 440.2803
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Michigan Laws 440.2803
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Michigan Laws 440.2803
In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor’s residual interest in the goods caused by the default of the lessee.