New York § 2-A-524 Lessor's Right to Identify Goods to Lease Contract

New York Statutes

§ 2-A-524 — Lessor's Right to Identify Goods to Lease Contract

New York § 2-A-524

Law UCCUniform Commercial Code

Part 5Default a In General B Default By Lessor C Default By Lessee

Art. 2-ALeases

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Bluebook

N.Y. Uniform Commercial Code § 2-A-524 (2026).

Text

Section 2-A-524. Lessor's Right to Identify Goods to Lease Contract.\n  (1) After default by the lessee under the lease contract of the type\ndescribed in Section 2-A-523 (1) or Section 2-A-523 (3)(a) or, if\nagreed, after other default by the lessee, the lessor may:\n       (a) identify to the lease contract conforming goods not already\n           identified if at the time the lessor learned of the default\n           they were in the lessor's or the supplier's possession or\n           control; and\n       (b) dispose of goods (Section 2-A-527(1)) that demonstrably have\n           been intended for the particular lease contract even though\n           those goods are unfinished.\n  (2) If the goods are unfinished, in the exercise of reasonable\ncommercial judgment for the purposes of a

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Section 2-A-524. Lessor's Right to Identify Goods to Lease Contract.\n (1) After default by the lessee under the lease contract of the type\ndescribed in Section 2-A-523 (1) or Section 2-A-523 (3)(a) or, if\nagreed, after other default by the lessee, the lessor may:\n (a) identify to the lease contract conforming goods not already\n identified if at the time the lessor learned of the default\n they were in the lessor's or the supplier's possession or\n control; and\n (b) dispose of goods (Section 2-A-527(1)) that demonstrably have\n been intended for the particular lease contract even though\n those goods are unfinished.\n (2) If the goods are unfinished, in the exercise of reasonable\ncommercial judgment for the purposes of avoiding loss and of effective\nrealization, an aggrieved lessor or the supplier may either complete\nmanufacture and wholly identify the goods to the lease contract or cease\nmanufacture and lease, sell, or otherwise dispose of the goods for scrap\nor salvage value or proceed in any other reasonable manner.\n