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Can you summarize 7 ALCA Article 2A?
COMMERCIAL CODE. > LEASES.
Short Summary
These legal documents, part of the Commercial Code of Alabama, govern leases and provide definitions for various terms related to leases. They apply to any transaction that creates a lease, regardless of form. The documents provide a comprehensive framework for understanding and interpreting lease contracts under the Commercial Code of Alabama. They cover various aspects of lease contracts in the state of Alabama, including the effect of casualty on lease contracts, allocation of risk of loss, insurance and proceeds, warranties, modification and rescission, creation of express warranties, extension of benefits to lessees in finance leases, and the Statute of Frauds. The documents also address the rights of lessors and lessees when goods become fixtures or accessions, the sale or sublease of goods by a lessee, subsequent lease of goods by a lessor, and the alienability of interests in lease contracts. Additionally, there are documents that pertain to the performance of lease contracts and the determination of default under a lease contract. These documents provide a comprehensive overview of the rights and obligations of lessees and lessors in lease contracts for goods.
Whom does it apply to?
Lessors, lessees, suppliers, and other parties involved in lease contracts in the state of Alabama
What does it govern?
Various aspects of lease contracts and related transactions
What are exemptions?
No specific exemptions or penalties are mentioned in these documents
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Alabama