§ 554.13221 — Casualty to identified goods

Iowa § 554.13221

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

If a lease contract requires goods identified when the lease contract is made, and the goods
suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the
goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement
or section 554.13219, then:
1. if the loss is total, the lease contract is avoided; and
2. ifthelossispartialorthegoodshavesodeterioratedastonolongerconformtothelease
contract, the lessee may nevertheless demand inspection and at the lessee’s option either

treat the lease contract as avoided or, except in a finance lease that is not a consumer lease,
accept the goods with due allowance from the rent payable for the balance of the lease term
for the deterioration or the deficiency in quantity but without further right against the lessor.