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Can you summarize 11 GACO Article 2A?
Commercial Code > Leases
Short Summary
The provided legal document content pertains to lease contracts under the Georgia Commercial Code. It includes definitions and an index of definitions related to lease contracts, clarifying terms such as ‘buyer in ordinary course of business,’ ‘cancellation,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ‘installment lease contract,’ ’lease,’ ’lease agreement,’ ’lease contract,’ ’leasehold interest,’ ’lessee,’ ’lessee in ordinary course of business,’ ’lessor,’ ’lessor’s residual interest,’ ’lien,’ ’lot,’ ‘merchant lessee,’ ‘present value,’ ‘purchase,’ ‘sublease,’ ‘supplier,’ ‘supply contract,’ and ’termination.’ The document also references definitions from other articles of the Georgia Commercial Code that apply to lease contracts. It does not specify any penalties or exemptions. These legal documents found in the Georgia Code under the Commercial Code section on Leases provide guidelines and regulations for various aspects of lease contracts. The first document focuses on determining default under a lease contract and outlines the rights and remedies available to the party seeking enforcement. It also mentions the option to pursue various procedures for enforcement. The second document addresses the modification and impairment of rights and remedies in lease agreements, emphasizing that lease agreements can include additional or alternative rights and remedies for default. It also discusses the liquidation, limitation, alteration, or exclusion of consequential damages. The third document provides guidance on the liquidation of damages in lease agreements and the rights and remedies available to lessors and lessees. It mentions the option to seek alternative remedies if the liquidated damages provision fails its essential purpose. The fourth document governs the cancellation and termination of lease contracts, clarifying that remaining obligations are discharged upon cancellation or termination, but rights based on prior default or performance still survive. It also addresses the relationship between cancellation and claims for damages or other rights and remedies. The fifth document establishes a statute of limitations for actions related to default under a lease contract and breach of warranty. It allows parties to reduce the limitation period through the original lease contract. The document also clarifies when the cause of action accrues and provides a timeframe for commencing another action after termination. The documents collectively provide guidance on default, modification, liquidation of damages, cancellation, termination, and actions related to lease contracts under the Georgia Commercial Code.
Whom does it apply to?
Parties to a lease contract, purchasers of the goods, creditors of the parties, subsequent lessees, buyers or sublessees, persons furnishing services or materials with respect to goods subject to a lease contract, creditors of a lessee, creditors of a lessor, lessees, encumbrancers or owners of real estate, and buyers or creditors with a security interest in the whole
What does it govern?
Lease contracts under the Georgia Commercial Code
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Georgia