Find Laws Find Lawyers Free Legal Forms USA State Laws

NEW HAMPSHIRE STATUTES AND CODES

Section 382-A:9-407 Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest.


      (a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it:
         (1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
         (2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
      (b) Effectiveness of certain terms. Except as otherwise provided in Section 2A-303(7), a term described in subsection (a)(2) is effective to the extent that there is:
         (1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
         (2) a delegation of a material performance of either party to the lease contract in violation of the term.
      (c) Security interest not material impairment. The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of Section 2A-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.

Source. 2001, 102:25, eff. July 1, 2001.

New Hampshire Forms by Issue

New Hampshire Abortion Forms
New Hampshire Bankruptcy Forms
New Hampshire Business Forms
New Hampshire Court Forms
> Small Claims
New Hampshire Divorce Forms
New Hampshire Family Forms
New Hampshire Guardianship Forms
New Hampshire Gun Forms
New Hampshire Marriage Forms
New Hampshire Name Change Forms
New Hampshire Tax Forms

New Hampshire Law

New Hampshire State Laws
    > New Hampshire Child Support
    > New Hampshire Gun Laws
    > New Hampshire Statute
New Hampshire Tax
    > New Hampshire State Tax
New Hampshire Court
    > Chpalinsky v. New Hampshire
New Hampshire Labor Laws
    > New Hampshire Unemployment
New Hampshire Agencies
    > New Hampshire DMV

New Hampshire Court Map

Tips