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Can you summarize NHRS 382-A:2A-511?
UNIFORM COMMERCIAL CODE > Merchant Lessee's Duties as to Rightfully Rejected Goods.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the duties of a merchant lessee regarding rightfully rejected goods. If a lessor or supplier has no agent or place of business at the market of rejection, a merchant lessee must follow reasonable instructions from the lessor or supplier regarding the goods. In the absence of instructions, the merchant lessee must make reasonable efforts to sell, lease, or dispose of the goods for the lessor’s account if they are at risk of declining in value quickly. The lessee is entitled to reimbursement for reasonable expenses incurred in caring for and disposing of the goods, including a commission if customary in the trade or a reasonable sum not exceeding 10 percent of the gross proceeds. Good faith conduct is required when complying with these duties. Additionally, a purchaser who buys goods in good faith from a lessee under this section takes the goods free of any rights of the lessor and supplier, even if the lessee fails to comply with the requirements of this Article.
Whom does it apply to?
Merchant lessees
What does it govern?
Merchant Lessee's Duties as to Rightfully Rejected Goods
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire