Vermont Statutes Title 9 Sec. 2a-217
Terms Used In Vermont Statutes Title 9 Sec. 2a-217
- 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 (§ 2A—309), 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
- 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: 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 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
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See
§ 2A—217. Identification
Identification of goods as goods to which a lease contract refers may be made at any time and in any manner explicitly agreed to by the parties. In the absence of explicit agreement, identification occurs:
(a) when the lease contract is made if the lease contract is for a lease of goods that are existing and identified;
(b) when the goods are shipped, marked, or otherwise designated by the lessor as goods to which the lease contract refers, if the lease contract is for a lease of goods that are not existing and identified; or
(c) when the young are conceived, if the lease contract is for a lease of unborn young of animals. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)