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Can you summarize NHRS 382-A:2A-303?
UNIFORM COMMERCIAL CODE > Alienability of Party's Interest Under Lease Contract or of Lessor's Residual Interest in Goods; Delegation of Performance; Transfer of Rights.
Short Summary
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the alienability of a party’s interest under a lease contract or the lessor’s residual interest in goods, as well as the delegation of performance and transfer of rights. It outlines the provisions that may prohibit or make transfers of interests or rights an event of default in a lease agreement. However, it states that such transfers are otherwise effective, even if prohibited or considered an event of default. The section also addresses the enforceability of provisions that prohibit the transfer of rights to damages for default or payment arising from the transferor’s due performance. It further explains the rights and remedies available to the party not making the transfer in case of default or material impairment. Additionally, it clarifies that a transfer of the lease or rights under the lease constitutes a delegation of duties by the transferor to the transferee, and acceptance by the transferee implies a promise to perform those duties. The section emphasizes that a delegation of performance does not relieve the transferor of any duty to perform or liability for default, unless otherwise agreed. Finally, it specifies the requirements for prohibiting transfers or making them an event of default in consumer leases.
Whom does it apply to?
Parties involved in lease agreements
What does it govern?
Alienability of party's interest under lease contract or of lessor's residual interest in goods; delegation of performance; transfer of rights
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire