reglab/housing_qa huggingface dataset:
NM Stat § 55-2A-512 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-512 - Lessee's duties as to rightfully rejected goods.

(1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 55-2A-511 NMSA 1978) and subject to any security interest of a lessee (Section 55-2A-508(5) NMSA 1978): (a) the lessee, after rejection of goods in the lessee's possession, shall hold them with reasonable care at the lessor's or supplier's disposition for a reasonable time after the lessee's seasonable notification of rejection; (b) if the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor's or the supplier's account or ship them to the lessor or the supplier or dispose of them for the lessor's or the supplier's account with reimbursement in the manner provided in Section 55-2A-511 NMSA 1978; but (c) the lessee has no further obligations with regard to goods rightfully rejected. (2) Action by the lessee pursuant to Subsection (1) is not acceptance or conversion. History: 1978 Comp., § 55-2A-512, enacted by Laws 1992, ch. 114, § 67. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Sections 2-602(2)(b) and (c) and 2-604 [55-2-602 and 55-2-604 NMSA 1978, respectively]. Changes: — Substantially rewritten. Purposes: — The introduction to subsection (1) references goods that threaten to decline in value speedily and not perishables, the reference in Section 2-604 [55-2-604 NMSA 1978], the statutory analogue. This is a change in style, not substance, as the first phrase includes the second. Subparagraphs (a) and (c) are revised versions of the provisions of Section 2-602(2)(b) and (c) [55-2-602 NMSA 1978]. Subparagraphs (a) states the rule with respect to the lessee's treatment of goods in its possession following rejection; subparagraph (b) states the rule regarding such goods if the lessor or supplier then fails to give instructions to the lessee. If the lessee performs in a fashion consistent with subparagraphs (a) and (b), subparagraph (c) exonerates the lessee. Cross References: — Sections 2-602(2)(b), 2-602(2)(c) and 2-604 [55-2-602 and 55-2-604 NMSA 1978, respectively]. "Action". Section 1-201(1) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Notification". Section 1-201(26) [55-1-201 NMSA 1978]. "Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978]. "Seasonably". Section 1-204(3) [55-1-204 NMSA 1978]. "Security interest". Section 1-201(37) [55-1-201 NMSA 1978]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. "Value". Section 1-201(44) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 67 effective July 1, 1992.
NM Stat § 55-2A-513 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-513 - Cure by lessor of improper tender or delivery; replacement.

(1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's intention to cure and may then make a conforming delivery within the time provided in the lease contract. (2) If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if he seasonably notifies the lessee. History: 1978 Comp., § 55-2A-513, enacted by Laws 1992, ch. 114, § 68. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-508 [55-2-508 NMSA 1978]. Changes: Revised to reflect leasing practices and terminology. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Money". Section 1-201(24) [55-1-201 NMSA 1978]. "Notifies". Section 1-201(26) [55-1-201 NMSA 1978]. "Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978]. "Seasonably". Section 1-204(3) [55-1-204 NMSA 1978]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 68 effective July 1, 1992.
NM Stat § 55-2A-514 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-514 - Waiver of lessee's objections.

(1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default: (a) if, stated seasonably, the lessor or the supplier could have cured it (Section 55-2A-513 NMSA 1978); or (b) between merchants if the lessor or the supplier after rejection has made a request in writing for a full and final written statement of all defects on which the lessee proposes to rely. (2) A lessee's failure to reserve rights when paying rent or other consideration against documents precludes recovery of the payment for defects apparent in the documents. History: 1978 Comp., § 55-2A-514, enacted by Laws 1992, ch. 114, § 69; 2005, ch. 144, § 39. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-605 [55-2-605 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. Purposes: — The principles applicable to the commercial practice of payment against documents (Subsection 2) are explained in official comment 4 to Section 2-605 [55-2-605 NMSA 1978], the statutory analogue to this section. Cross Reference: — Section 2-605 [55-2-605 NMSA 1978] official comment 4. "Between merchants". Section 2-104(3) [55-2-104 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Seasonably". Section 1-204(3) [55-1-204 NMSA 1978]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. "Writing". Section 1-201(46) [55-1-201 NMSA 1978]. The 2005 amendment, effective January 1, 2006, deleted in Subsection (2) the qualification that defects must be apparent on the face of the documents.
NM Stat § 55-2A-515 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-515 - Acceptance of goods.

(1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and: (a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conforming or that the lessee will take or retain them in spite of their nonconformity; or (b) the lessee fails to make an effective rejection of the goods (Section 55-2A-509(2) NMSA 1978). (2) Acceptance of a part of any commercial unit is acceptance of that entire unit. History: 1978 Comp., § 55-2A-515, enacted by Laws 1992, ch. 114, § 70. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-606 [55-2-606 NMSA 1978]. Changes: — The provisions of Section 2-606(1)(a) [55-2-606 NMSA 1978] were substantially rewritten to provide that the lessee's conduct may signify acceptance. Further, the provisions of Section 2-606(1)(c) [55-2-606 NMSA 1978] were not incorporated as irrelevant given the lessee's possession and use of the leased goods. Cross References: — Sections 2-606(1)(a) and 2-606(1)(c) [55-2-606 NMSA 1978]. "Commercial unit". Section 2A-103(1)(c) [55-2A-103 NMSA 1978]. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 70 effective July 1, 1992.
NM Stat § 55-2A-520 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-520 - Lessee's incidental and consequential damages.

(1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected or goods the acceptance of which is justifiably revoked, any commercially reasonable charges, expenses or commissions in connection with effecting cover, and any other reasonable expense incident to the default. (2) Consequential damages resulting from a lessor's default include: (a) any loss resulting from general or particular requirements and needs of which the lessor at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and (b) injury to person or property proximately resulting from any breach of warranty. History: 1978 Comp., § 55-2A-520, enacted by Laws 1992, ch. 114, § 75. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-715 [55-2-715 NMSA 1978]. Changes: — Revised to reflect leasing terminology and practices. Purposes: — Subsection (1), a revised version of the provisions of Section 2-715(1) [55-2-715 NMSA 1978], lists some examples of incidental damages resulting from a lessor's default; the list is not exhaustive. Subsection (1) makes clear that it applies not only to rightful rejection, but also to justifiable revocation. Subsection (2), a revised version of the provisions of Section 2-715(2) [55-2-715 NMSA 1978], lists some examples of consequential damages resulting from a lessor's default; the list is not exhaustive. Cross References: — Section 2-715 [55-2-715 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Knows". Section 1-201(25) [55-1-201 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Person". Section 1-201(30) [55-1-201 NMSA 1978]. "Receipt". Section 2-103(1)(c) [55-2-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 75 effective July 1, 1992.
NM Stat § 55-2A-521 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-521 - Lessee's right to specific performance or replevin.

(1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages or other relief that the court deems just. (3) A lessee has a right of replevin, detinue, sequestration, claim and delivery, or the like for goods identified to the lease contract if after reasonable effort the lessee is unable to effect cover for those goods or the circumstances reasonably indicate that the effort will be unavailing. History: 1978 Comp., § 55-2A-521, enacted by Laws 1992, ch. 114, § 76. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-716 [55-2-716 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology, and to expand the reference to the right of replevin in Subsection (3) to include other similar rights of the lessee. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Term". Section 1-201(42) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 76 effective July 1, 1992.
NM Stat § 55-2A-522 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-522 - Lessee's right to goods on lessor's insolvency.

(1) Subject to Subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (Section 55-2A-217 NMSA 1978) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security. (2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract. History: 1978 Comp., § 55-2A-522, enacted by Laws 1992, ch. 114, § 77. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-502 [55-2-502 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Insolvent". Section 1-201(23) [55-1-201 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Receipt". Section 2-103(1)(c) [55-2-103 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 77 effective July 1, 1992.
NM Stat § 55-2A-524 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-524 - Lessor's right to identify goods to lease contract.

(1) After default by the lessee under the lease contract of the type described in Section 55-2A-523(1) NMSA 1978 or 55-2A-523(3)(a) NMSA 1978 or, if agreed, after other default by the lessee, the lessor may: (a) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor's or the supplier's possession or control; and (b) dispose of goods (Section 55-2A-527(1) NMSA 1978) that demonstrably have been intended for the particular lease contract even though those goods are unfinished. (2) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner. History: 1978 Comp., § 55-2A-524, enacted by Laws 1992, ch. 114, § 79. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-704 [55-2-704 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978]. "Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Learn". Section 1-201(25) [55-1-201 NMSA 1978]. "Lease". Section 2A-103(1)(j) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978]. "Value". Section 1-201(44) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 79 effective July 1, 1992.
NM Stat § 55-2A-526 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-526 - Lessor's stoppage of delivery in transit or otherwise.

(1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload or larger shipments of express or freight if the lessee repudiates or fails to make a payment due before delivery, whether for rent, security or otherwise under the lease contract, or for any other reason the lessor has a right to withhold or take possession of the goods. (2) In pursuing its remedies under Subsection (1) of this section, the lessor may stop delivery until: (a) receipt of the goods by the lessee; (b) acknowledgment to the lessee by any bailee of the goods, except a carrier, that the bailee holds the goods for the lessee; or (c) such an acknowledgment to the lessee by a carrier via reshipment or as a warehouse. (3) To stop delivery, a lessor shall so notify as to enable the bailee by reasonable diligence to prevent delivery of the goods. (4) After notification, the bailee shall hold and deliver the goods according to the directions of the lessor, but the lessor is liable to the bailee for any ensuing charges or damages. (5) A carrier who has issued a nonnegotiable bill of lading is not obliged to obey a notification to stop received from a person other than the consignor. History: 1978 Comp., § 55-2A-526, enacted by Laws 1992, ch. 114, § 81; 2005, ch. 144, § 42. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-705 [55-2-705 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Bill of lading". Section 1-201(6) [55-1-201 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Discover". Section 1-201(25) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Insolvent". Section 1-201(23) [55-1-201 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Notifies" and "Notification". Section 1-201(26) [55-1-201 NMSA 1978]. "Person". Section 1-201(30) [55-1-201 NMSA 1978]. "Receipt". Section 2-103(1)(c) [55-2-103 NMSA 1978]. "Remedy". Section 1-201(34) [55-1-201 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. The 2005 amendment, effective January 1, 2006, changed "warehouseman" to "warehouse" in Subsection (2)(c).
NM Stat § 55-2A-530 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-530 - Lessor's incidental damages.

Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee's default, in connection with return or disposition of the goods, or otherwise resulting from the default. History: 1978 Comp., § 55-2A-530, enacted by Laws 1992, ch. 114, § 85. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-710 [55-2-710 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978]. "Delivery". Section 1-201(14) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 85 effective July 1, 1992.
NM Stat § 55-2A-531 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-531 - Standing to sue third parties for injury to goods.

(1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (a) the lessor has a right of action against the third party, and (b) the lessee also has a right of action against the third party if the lessee: (i) has a security interest in the goods; (ii) has an insurable interest in the goods; or (iii) bears the risk of loss under the lease contract or has since the injury assumed that risk as against the lessor and the goods have been converted or destroyed. (2) If at the time of the injury the party plaintiff did not bear the risk of loss as against the other party to the lease contract and there is no arrangement between them for disposition of the recovery, his suit or settlement, subject to his own interest, is as a fiduciary for the other party to the lease contract. (3) Either party with the consent of the other may sue for the benefit of whom it may concern. History: 1978 Comp., § 55-2A-531, enacted by Laws 1992, ch. 114, § 86. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — Section 2-722 [55-2-722 NMSA 1978]. Changes: — Revised to reflect leasing practices and terminology. "Action". Section 1-201(1) [55-1-201 NMSA 1978]. "Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978]. "Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978]. "Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978]. "Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978]. "Party". Section 1-201(29) [55-1-201 NMSA 1978]. "Rights". Section 1-201(36) [55-1-201 NMSA 1978]. "Security interest". Section 1-201(37) [55-1-201 NMSA 1978]. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 86 effective July 1, 1992.
NM Stat § 55-2A-532 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 2A - Leases|Part 5 - DEFAULT|Section 55-2A-532 - Lessor's rights to residual interest.

In addition to any other recovery permitted by this article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in the goods caused by the default of the lessee. History: 1978 Comp., § 55-2A-532, enacted by Laws 1992, ch. 114, § 87. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. Uniform Statutory Source: — None. This section recognizes the right of the lessor to recover under this Article (as well as under other law) from the lessee for failure to comply with the lease obligations as to the condition of leased goods when returned to the lessor, for failure to return the goods at the end of the lease, or for any other default which causes loss or injury to the lessor's residual interest in the goods. Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 87 effective July 1, 1992.