Ask Reggi Your Question Now
Can you summarize 47 TNCO Chapter 2A?
Commercial Instruments And Transactions > Leases
Short Summary
The provided legal document content pertains to the formation and construction of lease contracts in Tennessee. It outlines the requirements for enforceability, modification, and rescission of lease contracts. The document specifies the conditions for creating express warranties and the implied warranties of merchantability and fitness for a particular purpose in lease contracts. It also addresses the rights of third-party beneficiaries and the allocation of risk of loss in lease contracts. Additionally, the document covers insurance and proceeds related to lease contracts. Overall, these documents provide guidelines and regulations for the formation, construction, and enforcement of lease contracts in Tennessee, ensuring the rights and obligations of both lessees and lessors are protected.
Whom does it apply to?
The document applies to any party involved in a lease transaction, except for real property leases which are governed by Tennessee property law.
What does it govern?
The Uniform Commercial CodeLeases governs the leasing of goods, distinguishing leases from security interests disguised as leases. It covers various aspects of lease transactions, including warranties, remedies for default, consumer leases, finance leases, sale and leaseback transactions, and damages in case of default.
What are exemptions?
The document does not specify any exemptions.
What are the Penalties?
The document does not specify any penalties for non-compliance or violations.
Jurisdiction
Tennessee