Sec. 42-392. Time of consummation. Expiration. Termination.
116 words·~1 min read·
/ct/title-42/chapter-743aa-consumer-leases/42-392·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Consummation of a consumer lease occurs when the lessee signs a record evidencing the lessee's contractual obligation under the lease. A lessee may consummate a consumer lease even if it is subject to subsequent credit or other approval by the lessor or an assignee of the lessor.
(b)Expiration of a consumer lease occurs at the scheduled end of the period covered by the lease.
(c)Termination of a consumer lease occurs when the lessee's right to continued possession and use of the goods ends by virtue of:
(1)Expiration of the lease;
(2)Election by one of the parties to terminate before expiration, as provided in the lease; or
(3)Agreement of the parties.