§ 2A303. Alienability of party's interest under lease contract or of lessor's residual ...
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: July 1, 2001
Effective: July 1, 2001
13 Pa.C.S.A. § 2A303
§ 2A303. Alienability of party's interest under lease contract or of lessor's residual interest in goods; delegation of performance; transfer of rights
(2) makes such a transfer an event of default; is not enforceable, and such a transfer is not a transfer that materially impairs the prospect of obtaining return performance by, materially changes the duty of or materially increases the burden or risk imposed on the other party to the lease contract within the purview of subsection (d).
(2) If paragraph (1) is not applicable and if a transfer is made that is prohibited under a lease agreement or materially impairs the prospect of obtaining return performance by, materially changes the duty of or materially increases the burden or risk imposed on the other party to the lease contract, unless the party not making the transfer agrees at any time to the transfer in the lease contract or otherwise, then, except as limited by contract, the transferor is liable to the party not making the transfer for damages caused by the transfer to the extent that the damages could not reasonably be prevented by the party not making the transfer and a court having jurisdiction may grant other appropriate relief, including cancellation of the lease contract or an injunction against the transfer.
(e) Effect and enforceability of general transfer.--A transfer of “the lease” or of “all my rights under the lease” or a transfer in similar general terms is a transfer of rights, and, unless the language or the circumstances, as in a transfer for security, indicate the contrary, the transfer is a delegation of duties by the transferor to the transferee. Acceptance by the transferee constitutes a promise by the transferee to perform those duties. The promise is enforceable by either the transferor or the other party to the lease contract.
Credits
1992, July 9, P.L. 507, No. 97, § 3, effective in one year. Amended 2001, June 8, P.L. 123, No. 18, § 11, effective July 1, 2001.
13 Pa.C.S.A. § 2A303, PA ST 13 Pa.C.S.A. § 2A303
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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