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Can you summarize NHRS 382-A:2A-304?
UNIFORM COMMERCIAL CODE > Subsequent Lease of Goods by Lessor.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the subsequent lease of goods by a lessor. It states that a subsequent lessee from a lessor obtains the leasehold interest in the goods to the extent of the leasehold interest transferred by the lessor. However, the subsequent lessee takes subject to the existing lease contract, unless certain conditions are met. If the lessor has voidable title, they can transfer a good leasehold interest to a good faith subsequent lessee for value. Additionally, a subsequent lessee in the ordinary course of business from a merchant lessor obtains all of the lessor’s and the existing lessee’s rights to the goods and takes free of the existing lease contract. It is important to note that a subsequent lessee of goods covered by a certificate of title takes no greater rights than those provided by this provision and the applicable certificate of title statute.
Whom does it apply to?
Lessors and subsequent lessees of goods under lease contracts
What does it govern?
Subsequent Lease of Goods by Lessor
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
New Hampshire