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Can you summarize HIRS Chapter 490, Article 2A?
Uniform Commercial Code > LEASES
Short Summary
The provided legal document content discusses the effectiveness and enforceability of lease contracts under the Uniform Commercial Code in the Hawaii Revised Statutes. It provides definitions for various terms related to lease contracts and references definitions from other articles of the Uniform Commercial Code. The document states that lease contracts are generally effective and enforceable according to their terms between the parties, against purchasers of the goods, and against creditors of the parties. It also addresses the transfer of interests and rights under lease agreements, subsequent leases of goods, sale or sublease of goods by a lessee, priority of liens on goods, treatment of lease contracts and sales contracts in relation to creditors’ rights, and rights of lessors and lessees when goods become fixtures or accessions. The document further discusses the performance of lease contracts, including the obligation to ensure the other party’s expectation of receiving due performance is not impaired, the right to demand adequate assurance of due performance, and the actions that can be taken in case of anticipatory repudiation. It also addresses excused performance in lease contracts and fair allocation of resources. Additionally, the document covers finance leases that are not consumer leases and the irrevocability and independence of the lessee’s promises under such leases. Overall, the document provides guidelines for the formation, construction, performance, and enforcement of lease contracts in Hawaii under the Uniform Commercial Code.
Whom does it apply to?
The document applies to parties involved in lease contracts, including lessors, lessees, buyers of goods, creditors of the parties, and third parties.
What does it govern?
The provided legal document is the Uniform Commercial Code--Leases, which applies to any transaction that creates a lease. It contains definitions for various terms related to lease contracts and references definitions from other articles of the Uniform Commercial Code that apply to lease contracts.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Hawaii