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Can you summarize NHRS 382-A:2A-527?
UNIFORM COMMERCIAL CODE > Lessor's Rights to Dispose of Goods.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of a lessor to dispose of goods in various scenarios. It applies to both the lessor and lessee involved in a lease contract. The document outlines the circumstances under which the lessor can dispose of the goods, including after a default by the lessee or refusal to deliver the goods. The lessor has the option to dispose of the goods through lease, sale, or other means. If the disposition is done through a lease agreement similar to the original one and in good faith, the lessor can recover accrued and unpaid rent, the present value of the remaining lease term, and any incidental damages allowed. If the disposition does not qualify for treatment under the mentioned conditions, the lessor can recover as if they had not disposed of the goods. The document also states that a subsequent buyer or lessee who acquires the goods in good faith takes them free of the original lease contract and any rights of the original lessee. The lessor is not accountable to the lessee for any profit made on the disposition.
Whom does it apply to?
Lessor and lessee in a lease contract
What does it govern?
Lessor's rights to dispose of goods
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire