Virginia Code 8.2A-532: Lessor’s rights to residual interest
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In addition to any other recovery permitted by this title or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor’s residual interest in the goods caused by the default of the lessee.
Terms Used In Virginia Code 8.2A-532
- 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
- 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
1991, c. 536.