| (1) |
Except as otherwise provided with respect to goods that threaten to decline in value speedily as provided in Section 70A-2a-511 and subject to any security interest of a lessee as provided in Subsection 70A-2a-508(5):
Terms Used In Utah Code 70A-2a-512- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures. See Utah Code 70A-2a-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Utah Code 70A-2a-103
| (a) |
the lessee, after rejection of goods in the lessee’s possession, shall hold them with reasonable care at the lessor‘s or the supplier‘s disposition for a reasonable time after the lessee’s seasonable notification of rejection; |
| (b) |
if the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor’s or the supplier’s account or ship them to the lessor or the supplier or dispose of them for the lessor’s or the supplier’s account with reimbursement in the manner provided in Section 70A-2a-511; but |
| (c) |
the lessee has no further obligations with regard to goods rightfully rejected. |
|
| (2) |
Action by the lessee pursuant to Subsection (1) is not acceptance or conversion. |
Enacted by Chapter 197, 1990 General Session
