reglab/housing_qa huggingface dataset:
9 V.S.A. § 2A-308
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-308. Special rights of creditors

§ 2A-308. Special rights of creditors|(1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease contract as void if as against the creditor retention of possession by the lessor is fraudulent under any statute or rule of law, but retention of possession in good faith and current course of trade by the lessor for a commercially reasonable time after the lease contract becomes enforceable is not fraudulent.(2) Nothing in this article impairs the rights of creditors of a lessor if the lease contract:  (a) becomes enforceable, not in current course of trade but in satisfaction of or as security for a pre-existing claim for money, security, or the like, and (b) is made under circumstances which under any statute or rule of law apart from this article would constitute the transaction a fraudulent transfer or voidable preference.   (3) A creditor of a seller may treat a sale or an identification of goods to a contract for sale as void if as against the creditor retention of possession by the seller is fraudulent under any statute or rule of law, but retention of possession of the goods pursuant to a lease contract entered into by the seller as lessee and the buyer as lessor in connection with the sale or identification of the goods is not fraudulent if the buyer bought for value and in good faith. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-310
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-310. Lessor's and lessee's rights when goods become accessions

§ 2A-310. Lessor's and lessee's rights when goods become accessions|(1) Goods are "accessions" when they are installed in or affixed to other goods.(2) The interest of a lessor or a lessee under a lease contract entered into before the goods became accessions is superior to all interests in the whole except as stated in subsection (4) of this section.(3) The interest of a lessor or a lessee under a lease contract entered into at the time or after the goods became accessions is superior to all subsequently acquired interests in the whole except as stated in subsection (4) of this section but is subordinate to interests in the whole existing at the time the lease contract was made unless the holders of such interests in the whole have in writing consented to the lease or disclaimed an interest in the goods as part of the whole.(4) The interest of a lessor or a lessee under a lease contract described in subsection (2) or (3) of this section is subordinate to the interest of:  (a) a buyer in the ordinary course of business or a lessee in the ordinary course of business of any interest in the whole acquired after the goods became accessions; or (b) a creditor with a security interest in the whole perfected before the lease contract was made to the extent that the creditor makes subsequent advances without knowledge of the lease contract.   (5) When under subsections (2) or (3) and (4) of this section a lessor or a lessee of accessions holds an interest that is superior to all interests in the whole, the lessor or the lessee may (a) on default, expiration, termination, or cancellation of the lease contract by the other party but subject to the provisions of the lease contract and this article, or (b) if necessary to enforce his or her other rights and remedies under this article, remove the goods from the whole, free and clear of all interests in the whole; but he or she must reimburse any holder of an interest in the whole who is not the lessee and who has not otherwise agreed for the cost of repair of any physical injury but not for any diminution in value of the whole caused by the absence of the goods removed or by any necessity for replacing them. A person entitled to reimbursement may refuse permission to remove until the party seeking removal gives adequate security for the performance of this obligation. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-311
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-311. Priority subject to subordination

§ 2A-311. Priority subject to subordination|Nothing in this article prevents subordination by agreement by any person entitled to priority. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-401
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-401. Insecurity: adequate assurance of performance

§ 2A-401. Insecurity: adequate assurance of performance|(1) A lease contract imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired.(2) If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable the insecure party may suspend any performance for which he or she has not already received the agreed return.(3) A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time, not to exceed 30 days after receipt of a demand by the other party.(4) Between merchants, the reasonableness of grounds for insecurity and the adequacy of any assurance offered must be determined according to commercial standards.(5) Acceptance of any nonconforming delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-402
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-402. Anticipatory repudiation

§ 2A-402. Anticipatory repudiation|If either party repudiates a lease contract with respect to a performance not yet due under the lease contract, the loss of which performance will substantially impair the value of the lease contract to the other, the aggrieved party may:  (a) for a commercially reasonable time, await retraction of repudiation and performance by the repudiating party; (b) make demand pursuant to section 2A- 401 of this title and await assurance of future performance adequate under the circumstances of the particular case; or (c) resort to any right or remedy upon default under the lease contract or this article, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party's performance and assurance and has urged retraction. In addition, whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of this article on the lessor's right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods (§ 2A-524). (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-403
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-403. Retraction of anticipatory repudiation

§ 2A-403. Retraction of anticipatory repudiation|(1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has cancelled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final.(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under section 2A- 401 of this title.(3) Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-404
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-404. Substituted performance

§ 2A-404. Substituted performance|(1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and accepted.(2) If the agreed means or manner of payment fails because of domestic or foreign governmental regulation:  (a) the lessor may withhold or stop delivery or cause the supplier to withhold or stop delivery unless the lessee provides a means or manner of payment that is commercially a substantial equivalent; and (b) if delivery has already been taken, payment by the means or in the manner provided by the regulation discharges the lessee's obligation unless the regulation is discriminatory, oppressive, or predatory. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-405
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-405. Excused performance

§ 2A-405. Excused performance|Subject to section 2A- 404 of this title on substituted performance, the following rules apply:  (a) Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with paragraphs (b) and (c) of this section is not a default under the lease contract if performance as agreed has been made impracticable by the occurrence of a contingency the nonoccurrence of which was a basic assumption on which the lease contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order, whether or not the regulation or order later proves to be invalid. (b) If the causes mentioned in paragraph (a) of this section affect only part of the lessor's or the supplier's capacity to perform, he or she shall allocate production and deliveries among his or her customers but at his or her option may include regular customers not then under contract for sale or lease as well as his or her own requirements for further manufacture. He or she may so allocate in any manner that is fair and reasonable. (c) The lessor seasonably shall notify the lessee and in the case of a finance lease the supplier seasonably shall notify the lessor and the lessee, if known, that there will be delay or nondelivery and, if allocation is required under paragraph (b) of this section, of the estimated quota thus made available for the lessee. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-406
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-406. Procedure on excused performance

§ 2A-406. Procedure on excused performance|(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under section 2A- 405 of this title, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (§ 2A- 510):  (a) terminate the lease contract (§ 2A- 505(2)); or (b) except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.   (2) If, after receipt of a notification from the lessor under section 2A- 405 of this title, the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-407
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-407. Irrevocable promises: finance leases

§ 2A-407. Irrevocable promises: finance leases|(1) In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods.(2) A promise that has become irrevocable and independent under subsection (1) of this section:  (a) is effective and enforceable between the parties, and by or against third parties including assignees of the parties; and (b) is not subject to cancellation, termination, modification, repudiation, excuse, or substitution without the consent of the party to whom the promise runs.   (3) This section does not affect the validity under any other law of a covenant in any lease contract making the lessee's promises irrevocable and independent upon the lessee's acceptance of the goods. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-501
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-501. Default: procedure

§ 2A-501. Default: procedure|(1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this article.(2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this article and, except as limited by this article, as provided in the lease agreement.(3) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement may reduce the party's claim to judgment, or otherwise enforce the lease contract by self-help or any available judicial procedure or nonjudicial procedure, including administrative proceeding, arbitration, or the like, in accordance with this article.(4) Except as otherwise provided in section 1- 305(a) of this title or this article, or the lease agreement, the rights and remedies referred to in subsections (2) and (3) of this section are cumulative.(5) If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this Part as to the goods, or under other applicable law as to both the real property and the goods in accordance with that party's rights and remedies in respect of the real property, in which case this Part does not apply. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995; amended 2007, No. 99 (Adj. Sess.), § 6.)
9 V.S.A. § 2A-502
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-502. Notice after default

§ 2A-502. Notice after default|Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-503
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-503. Modification or impairment of rights and remedies

§ 2A-503. Modification or impairment of rights and remedies|(1) Except as otherwise provided in this article, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this article and may limit or alter the measure of damages recoverable under this article.(2) Resort to a remedy provided under this article or in the lease agreement is optional unless the remedy is expressly agreed to be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided in this article.(3) Consequential damages may be liquidated under section 2A- 504 of this title, or may otherwise be limited, altered, or excluded unless the limitation, alteration, or exclusion is unconscionable. Limitation, alteration, or exclusion of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable but limitation, alteration, or exclusion of damages where the loss is commercial is not prima facie unconscionable.(4) Rights and remedies on default by the lessor or the lessee with respect to any obligation or promise collateral or ancillary to the lease contract are not impaired by this article. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-504
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-504. Liquidation of damages

§ 2A-504. Liquidation of damages|(1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission.(2) If the lease agreement provides for liquidation of damages, and such provision does not comply with subsection (1) of this section, or such provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this article.(3) If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency (§ 2A- 525 or 2A- 526), the lessee is entitled to restitution of any amount by which the sum of his or her payments exceeds:  (a) the amount to which the lessor is entitled by virtue of terms liquidating the lessor's damages in accordance with subsection (1) of this section; or (b) in the absence of those terms, 20 percent of the then present value of the total rent the lessee was obligated to pay for the balance of the lease term, or, in the case of a consumer lease, the lesser of such amount or $500.   (4) A lessee's right to restitution under subsection (3) of this section is subject to offset to the extent the lessor establishes:  (a) a right to recover damages under the provisions of this article other than subsection (1) of this section; and (b) the amount or value of any benefits received by the lessee directly or indirectly by reason of the lease contract. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-505
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies

§ 2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies|(1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.(2) On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.(3) Unless the contrary intention clearly appears, expressions of "cancellation," "rescission," or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.(4) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this article for default.(5) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-506
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-506. Statute of limitations

§ 2A-506. Statute of limitations|(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year.(2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. A cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party, whichever is later.(3) If an action commenced within the time limited by subsection (1) of this section is so terminated as to leave available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six months after the termination of the first action unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute.(4) This section does not alter the law on tolling of the statute of limitations nor does it apply to causes of action that have accrued before this article becomes effective. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
9 V.S.A. § 2A-507
2021 Vermont Statutes|Title 9A - Uniform Commercial Code|Article 2A - Leases|§ 2A-507. Proof of market rent: time and place

§ 2A-507. Proof of market rent: time and place|(1) Damages based on market rent (§ 2A- 519 or 2A- 528) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in sections 2A- 519 and 2A- 528 of this title.(2) If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times or places described in this article is not readily available, the rent prevailing within any reasonable time before or after the time described or at any other place or for a different lease term which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the difference, including the cost of transporting the goods to or from the other place.(3) Evidence of a relevant rent prevailing at a time or place or for a lease term other than the one described in this article offered by one party is not admissible unless and until he or she has given the other party notice the court finds sufficient to prevent unfair surprise.(4) If the prevailing rent or value of any goods regularly leased in any established market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of that market are admissible in evidence. The circumstances of the preparation of the report may be shown to affect its weight but not its admissibility. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)