Personal Property

Personal Property, also called “movable property,” “personalty,” “movables,” or “chattels,” include virtually any form of property other than real estate. Some examples of personal property include cars, jewelry, and small businesses. Personal property is movable property and goods, as distinguished from real property, which is fixed and immovable. Moreover, real property must often be transferred by a written contract, and the associated deed is often recorded. Click here for information on the Uniform Commercial Code Article 2A (UCC) and how it relates to personal property leasing, and ways your state’s lemon laws can help you. Read more about these and other subjects under Business Operations.

Property

Personal Property Articles

Unconscionability in a Commercial Setting

Imaging Financial Services, Inc. v. Graphic Arts Services, Inc., 172 F.R.D. 322 (N.D.Ill. 3/28/97). UNCONSCIONABILITY - Graphics Arts leased various pieces of equipment from Imaging. The obligation to pay was unconditional and there were the usual ...
Read More »
UCC Article 2A: Friend or Foe?

Uniform Commercial Code Article 2A is a proposed set of laws relating to personal property leasing. As of this writing, Article 2A has been adopted in 47 states and the District of Columbia (excluding only Louisiana, South Carolina and Vermont ...
Read More »
Reduction of Attorney’s Fees Due (Reasonable Fees and Incivility)

Aspen Serv., Inc. v. IT Corp., 1998 WL 300961 (Wis. App. 6/10/98). REDUCTION OF ATTORNEY'S FEES DUE (REASONABLE FEES AND INCIVILITY) - In the case at bar, the plaintiff-lessor recovered from the defendant-lessee for rent owed under an equipment ...
Read More »
Product Liability

Long v. Tokai Bank of California, 682 N.E.2d 1052 (Ohio App. 9/20/96). PRODUCT LIABILITY - In a pre-UCC 2A case, a "financial lessor" (apparently, a lessor who would be protected by a "finance lease" determination under Article 2A) was held not to ...
Read More »
Pre-Funding Woes

Clients have reported increasing pressure from vendors to pre-fund transactions. In some instances, this constitutes a requirement by the vendor that transactions be funded when equipment is shipped, rather than when it is accepted. In other cases ...
Read More »
New Law Requires Park Owners to Make Disclosures to Prospective Tenants

On September 27, 1999, Governor Gray Davis signed Senate Bill 534. This new law becomes effective January 1, 2000. It requires lengthy and detailed disclosures about a manufactured home community and its infrastructure every time a manufactured home ...
Read More »
Making Peace with Man’s Best Friend: Sinking your teeth into the Michigan DOG BITE Statute

THE CANINE EXPLOSION Look around. Our little pets are everywhere! Recent statistics report over 60 million dogs (and counting) in the United States alone! 1. They sit in our cars, run in our yards and even sleep in our beds. Disney has made billions ...
Read More »
Liquidated Damages/Foreclosure Sale

Costal Leasing Corporation v. T-Bar S Corporation, 128 N.C. App. 379 496 S. E. 2d 795 (1998). LIQUIDATED DAMAGES/FORECLOSURE SALE. The North Carolina court upheld the liquidated damages clause under pre-UCC Article 2A law but reached the unusual ...
Read More »
How Lemon Law Can Help You

Article provided by Aiken & Scoptur, S.C. Please visit our Web site at Aiken & Scoptur, S.C. Special acknowledgement to attorney Vincent P. Megna. When your new car does not work as it should, you expect the automaker to step in and make it right ...
Read More »
Form Leases and Specific Equipment

Small ticket and middle market Lessors come to rely on form lease documents. In most cases, these friendly and familiar forms are drafted to cover a wide variety of equipment. Problems arise when Lessors step out of their familiar niche and into ...
Read More »