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§ 2A220. Effect of default on risk of loss

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 2a. Leases (Refs & Annos)
Chapter 2A2. Formation and Construction of Lease Contract
13 Pa.C.S.A. § 2A220
§ 2A220. Effect of default on risk of loss
Currentness
(a) Default by lessor.--Where risk of loss is to pass to the lessee and the time of passage is not stated:
(1) If a tender or delivery of goods so fails to conform to the lease contract as to give a right of rejection, the risk of their loss remains with the lessor or, in the case of a finance lease, the supplier until cure or acceptance.
(2) If the lessee rightfully revokes acceptance, he, to the extent of any deficiency in his effective insurance coverage, may treat the risk of loss as having remained with the lessor from the beginning.
(b) Default by lessee.--Whether or not risk of loss is to pass to the lessee, if the lessee as to conforming goods already identified to a lease contract repudiates or is otherwise in default under the lease contract, the lessor or, in the case of a finance lease, the supplier, to the extent of any deficiency in his effective insurance coverage, may treat the risk of loss as resting on the lessee for a commercially reasonable time.

Credits

1992, July 9, P.L. 507, No. 97, § 3, effective in one year.
13 Pa.C.S.A. § 2A220, PA ST 13 Pa.C.S.A. § 2A220
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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