Connecticut § 42-417 Liability for gap amount on total loss of goods.

Connecticut Statutes

§ 42-417 — Liability for gap amount on total loss of goods.

Connecticut § 42-417

Title 42Business, Selling, Trading and Collection Practices

Ch. 743aaConsumer Leases

This text of Connecticut § 42-417 (Liability for gap amount on total loss of goods.) is published on Counsel Stack Legal Research, covering Connecticut primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Conn. Gen. Stat. § 42-417 (2026).

Text

(a)In this section, “gap amount” means the amount that would be owed by the lessee if a total loss of the goods occasioned by theft, physical damage or other occurrence were considered an early termination of the lease, less the portion of the cash value of the goods received by the holder from the lessee's insurer or from any other source. The term does not include the deductible amount applicable to a casualty insurance policy on the goods, past due lease payments, or any other unpaid amounts owed by the lessee under the lease at the time of the total loss of the goods, or amounts by which the insurance proceeds otherwise payable are reduced on account of past due premiums or the condition of the goods before the total loss occurred.

(b)Except as otherwise provided in subsection (c) of

Free access — add to your briefcase to read the full text and ask questions with AI

(a) In this section, “gap amount” means the amount that would be owed by the lessee if a total loss of the goods occasioned by theft, physical damage or other occurrence were considered an early termination of the lease, less the portion of the cash value of the goods received by the holder from the lessee's insurer or from any other source. The term does not include the deductible amount applicable to a casualty insurance policy on the goods, past due lease payments, or any other unpaid amounts owed by the lessee under the lease at the time of the total loss of the goods, or amounts by which the insurance proceeds otherwise payable are reduced on account of past due premiums or the condition of the goods before the total loss occurred. (b) Except as otherwise provided in subsection (c) of this section, a consumer lease may not provide that the lessee is responsible for the gap amount. A provision in violation of this subsection is not enforceable. (c) If a consumer lease so provides, the holder may recover from the lessee the portion of the gap amount attributable to: (1) The lessee's failure to maintain in effect casualty insurance required under the lease; (2) The lessee's fraud, intentional wrongful act or omission, or gross negligence; or (3) The forfeiture or confiscation of the goods under governmental authority.