411.103 Definitions and index of definitions. (1) In this chapter, unless the context requires otherwise: (a) “Buyer in ordinary course of business” means a person who, in good faith and without knowledge that the sale to him or
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411.901
SUBCHAPTER IV PERFORMANCE OF LEASE CONTRACT: REPUDIATED, SUBSTITUTED AND EXCUSED Insecurity: adequate assurance of performance. Anticipatory repudiation. Retraction of anticipatory repudiation. Substituted performance. Excused performance. Procedure on excused performance. Irrevocable promises: finance leases. SUBCHAPTER V DEFAULT Default: Procedure. Notice after default. Modification or impairment of rights and remedies. Liquidation of damages. Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies. Statute of limitations. Proof of market rent: time and place. Lessee’s remedies. Lessee’s rights on improper delivery; rightful rejection. Installment lease contracts: rejection and default. Merchant lessee’s duties as to rightfully rejected goods. Lessee’s duties as to rightfully rejected goods. Cure by lessor of improper tender or delivery; replacement. Waiver of lessee’s objections. Acceptance of goods. Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; notice of claim or litigation to person answerable over. Revocation of acceptance of goods. Cover; substitute goods. Lessee’s damages for nondelivery, repudiation, default and breach of warranty in regard to accepted goods. Lessee’s incidental and consequential damages. Lessee’s right to specific performance or replevin. Lessee’s right to goods on lessor’s insolvency. Lessor’s remedies. Lessor’s right to identify goods to lease contract. Lessor’s right to possession of goods. Lessor’s stoppage of delivery in transit or otherwise. Lessor’s rights to dispose of goods. Lessor’s damages for nonacceptance, failure to pay, repudiation or other default. Lessor’s action for the rent. Lessor’s incidental damages. Standing to sue 3rd parties for injury to goods. Lessor’s rights to residual interest. SUBCHAPTER VI TRANSITIONAL PROVISIONS Applicability; written agreement to modify.
her is in violation of the ownership rights or security interest or leasehold interest of a 3rd party in the goods, buys in ordinary course from a person in the business of selling goods of that kind but does not include a pawnbroker. “Buying” may be for cash or by exchange of other property or on secured or unsecured credit and includes acquiring goods or documents of title under a preexisting contract for sale but does not include a transfer in bulk or as security for or in total or partial satisfaction of a money debt. (b) “Cancellation” occurs when either party puts an end to the lease contract for default by the other party. (c) “Commercial unit” means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. A commercial unit may be a single article, such as a machine, or a set of articles, such as a suite of furniture or a line of machinery, or a quantity, such as a gross or carload, or any other unit treated in use or in the relevant market as a single whole.
May 22, 2026, are designated by NOTES. (Published 5-22-26)
411.103
UCC — LEASES
(d) “Conforming goods” or “performance under a lease contract” means goods or performance that is in accordance with the obligations under the lease contract. (e) “Consumer lease” means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. (f) “Fault” means wrongful act, omission, breach or default. (g) “Finance lease” means a lease with respect to which all of the following occur: 1. The lessor does not select, manufacture or supply the goods. 2. The lessor acquires the goods or the right to possession and use of the goods in connection with the lease. 3. One of the following occurs: a. The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract. b. The lessee’s approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract. c. The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a 3rd party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods. d. If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing of the identity of the person supplying the goods to the lessor unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, that the lessee is entitled under this chapter to the promises and warranties, including those of a 3rd party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods and that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. (h) “Goods” means all things that are movable at the time of identification to the lease contract, or are fixtures as defined in s.