Last Updated July 23, 2012
Enactments through the 2012 Extraordinary Session
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Terms & Conditions
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KRS Chapter 355.02A
Terms & Conditions
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Part 1. General Provisions.
.101 Short title.
.103 Definitions and index of definitions.
.104 Lease subject to other law.
.105 Territorial application of article to goods covered by certificate of title.
.106 Limitation on power of parties to consumer lease to choose applicable law and judicial forum.
.107 Waiver or renunciation of claim or right after default.
.109 Option to accelerate at will.
.110 Use of comments.
Part 2. Formation and Construction of Lease Contract
.201 Statute of frauds.
.202 Final written expression -- Parol or extrinsic evidence.
.203 Seals inoperative.
.204 Formation in general.
.205 Firm offers.
.206 Offer and acceptance in formation of lease contract.
.207 Repealed, 2006.
.208 Modification, rescission and waiver.
.209 Lessee under finance lease as beneficiary of supply contract.
.210 Express warranties.
.211 Warranties against interference and against infringement -- Lessee's obligation against infringement.
.212 Implied warranty of merchantability.
.213 Implied warranty of fitness for particular purpose.
.214 Exclusion or modification of warranties.
.215 Cumulation and conflict of warranties express or implied.
.216 Third-party beneficiaries of express and implied warranties.
.218 Insurance and proceeds.
.219 Risk of loss.
.220 Effect of default on risk of loss.
.221 Casualty to identified goods.
Part 3. Effect of Lease Contract
.301 Enforceability of lease contract.
.302 Title to and possession of goods.
.303 Alienability of party's interest under lease contract or of lessor's residual interest in goods -- Delegation of performance -- Transfer of rights.
.304 Subsequent lease of goods by lessor.
.305 Sale or sublease of goods by lessee.
.306 Priority of certain liens arising by operation of law.
.307 Priority of liens arising by attachment or levy on, security interests in, and other claims to goods.
.308 Special rights of creditors.
.309 Lessor's and lessee's rights when goods become fixtures.
.310 Lessor's and lessee's rights when goods become accessions.
.311 Priority subject to subordination.
Part 4. Performance of Lease Contract:
.401 Insecurity: adequate assurance of performance.
.402 Anticipatory repudiation.
.403 Retraction of anticipatory repudiation.
.404 Substituted performance.
.405 Excused performances.
.406 Procedure on excused performance.
.407 Irrevocable promises: finance leases.
A. In General
.501 Default procedure.
.502 Notice after default.
.503 Modification or impairment of rights and remedies.
.504 Liquidation of damages.
.505 Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.
.506 Statute of limitations.
.507 Proof of market rent: time and place.
B. Default by Lessor
.508 Lessee's remedies.
.509 Lessee's rights on improper delivery -- Rightful rejection.
.510 Installment lease contracts: rejection and default.
.511 Merchant lessee's duties as to rightfully rejected goods.
.512 Lessee's duties as to rightfully rejected goods.
.513 Cure by lessor of improper tender or delivery -- Replacement.
.514 Waiver of lessee's objections.
.515 Acceptance of goods.
.516 Effect of acceptance of goods -- Notice of default -- Burden of establishing default after acceptance -- Notice of claim or litigation to person answerable over.
.517 Revocation of acceptance of goods.
.518 Cover -- Substitute goods.
.519 Lessee's damages for nondelivery, repudiation, default, and breach of warranty in regard to accepted goods.
.520 Lessee's incidental and consequential damages.
.521 Lessee's right to specific performance or replevin.
.522 Lessee's right to goods on lessor's insolvency.
C. Default by Lessee
.523 Lessor's remedies.
.524 Lessor's right to identify goods to lease contract.
.525 Lessor's right to possession of goods.
.526 Lessor's stoppage of delivery in transit or otherwise.
.527 Lessor's rights to dispose of goods.
.528 Lessor's damages for nonacceptance, failure to pay repudiation, or other default.
.529 Lessor's action for rent.
.530 Lessor's incidental damages.
.531 Standing to sue third parties for injury to goods.
.532 Lessor's rights to residual interest.