Vermont Statutes Title 9 Sec. 2a-515
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Terms Used In Vermont Statutes Title 9 Sec. 2a-515
- 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
- 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
- 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
- Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See
§ 2A—515. Acceptance of goods
(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and:
(a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or
(b) the lessee fails to make an effective rejection of the goods (§ 2A—509(2)).
(2) Acceptance of a part of any commercial unit is acceptance of that entire unit. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)