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Old Wine in New Bottles: UCC Article 2A-LeasesBy Edwin E. Huddleson, III, Esq.
Spring 1987
Threatened stormy opposition faces the new UCC Article 2A, a proposed uniform state law on equipment leasing. Outlining the general features of Article 2A, this article, then, examines the core provisions of the proposed new law: the definition of a true lease, lessor's rights and remedies on default, warranties, special provisions for "finance leases," "consumer lease" issues, the rejection of mandatory UCC filing (or notice) requirements for leased goods, fixtures, and the general principle allowing freedom of contract for lessors and lessees. The impact of UCC Article 2A-Leases will underline the importance of careful drafting for leases of motor vehicles and equipment.