Assignment of Personal Property Lease with Acceptance and Assumption of Obligations of Lessee and Consent of Lessor

 Assignment of Personal Property Lease with Acceptance and Assumption of Obligations of Lessee and Consent of Lessor
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Multi-State
Control #:
US-1028BG
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Description

In states that have enacted Article 2A, Leases, of the Uniform Commercial Code, any transaction that creates a lease of personal property is governed by that state’s version of Section 2A. Article 2A applies only to leases of personal property or goods. A lease is a transfer of the right to possession and use of goods during a certain time period, in return for some type of consideration.

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