Section 2-A-522. Lessee's Right to Goods on Lessor's Insolvency  


Latest version.
  • (1)  Subject to subsection (2) and even though the goods have not been
      shipped, a lessee who has paid a part or all of the  rent  and  security
      for goods identified to a lease contract (Section 2-A-217) on making and
      keeping good a tender of any unpaid portion of the rent and security due
      under  the  lease  contract  may  recover  the goods identified from the
      lessor if the lessor becomes insolvent within ten days after receipt  of
      the first installment of rent and security.
        (2) A lessee acquires the right to recover goods identified to a lease
      contract only if they conform to the lease contract.