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Can you summarize 810 ILCS 5/Art. 2A?
Uniform Commercial Code. > LEASES
Short Summary
This legal document, Section 2A-103 of the Illinois Compiled Statutes, falls under the Uniform Commercial Code and specifically governs leases. It provides definitions for various terms used in the context of lease contracts. Some of the key definitions include ‘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 Uniform Commercial Code that apply to this Article. It does not mention any specific exemptions or penalties. Overall, this document provides the necessary definitions and concepts related to leases under the Uniform Commercial Code.
Whom does it apply to?
Lessors, lessees, suppliers, merchants, and individuals or entities involved in lease contracts
What does it govern?
Leases
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Illinois