| (1) |
If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. |
Terms Used In Utah Code 70A-2a-525
- Contract: A legal written agreement that becomes binding when signed.
- 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
- Lease: means a transfer of the right to possession and use of goods for a term, in return for consideration. See Utah Code 70A-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
- 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
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
| (2) |
After a default by the lessee under the lease contract of the type described in Section 70A-2a-523, or if agreed, after the default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee’s premises as provided in Section 70A-2a-527. |
| (3) |
The lessor may proceed under Subsection (2) without judicial process if it can be done without breach of the peace or the lessor may proceed by action. |
Amended by Chapter 237, 1993 General Session
