(1) Subject to subsection (2) of this section and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (§ 8.2A-217) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security.

Terms Used In Virginia Code 8.2A-522

  • 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 (§ 8. See Virginia Code 8.2A-103
  • 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 Virginia Code 8.2A-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
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this title and any other applicable rules of law. See Virginia Code 8.2A-103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See Virginia Code 8.2A-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See Virginia Code 8.2A-103

(2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.

1991, c. 536.

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