11 §2-1525. Lessor's right to possession of goods - Maine Statutes

Title 11: UNIFORM COMMERCIAL CODE

Article 2-A: LEASES HEADING: PL 1991, C. 805, §4 (NEW)

Part 5: DEFAULT HEADING: PL 1991, C. 805, §4 (NEW)

§2-1525. Lessor's right to possession of goods

(1). If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.

[ 1991, c. 805, §4 (NEW) .]

(2). After a default by the lessee under the lease contract of the type described in section 2-1523, subsection (1) or section 2-1523, subsection (3), paragraph (a) or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor that is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee's premises (section 2-1527).

[ 1991, c. 805, §4 (NEW) .]

(3). The lessor may proceed under subsection (2) without judicial process if possible without breach of the peace or the lessor may proceed by action.

[ 1991, c. 805, §4 (NEW) .]

SECTION HISTORY

1991, c. 805, §4 (NEW). RR 2003, c. 1, §6 (COR).