8.2A-524 - A-524. Lessor's right to identify goods to lease contract. - Virginia Statutes

§ 8.2A-524. Lessor's right to identify goods to lease contract.

(1) A lessor aggrieved under subsection (1) of § 8.2A-523 may:

(a) Identify to the lease contract conforming goods not already identified ifat the time the lessor learned of the default they were in the lessor's orthe supplier's possession or control; and

(b) Dispose of goods (subsection (1) of § 8.2A-527) that demonstrably havebeen intended for the particular lease contract even though those goods areunfinished.

(2) If the goods are unfinished, in the exercise of reasonable commercialjudgment for the purposes of avoiding loss and of effective realization, anaggrieved lessor or the supplier may either complete manufacture and whollyidentify the goods to the lease contract or cease manufacture and lease,sell, or otherwise dispose of the goods for scrap or salvage value or proceedin any other reasonable manner.

(1991, c. 536.)