WILLIAM DONALD SCHAEFER, Governor                           S.B. 147

(F)      "FAULT" MEANS WRONGFUL ACT, OMISSION, BREACH, OR DEFAULT.

(G)     "FINANCE LEASE" MEANS A LEASE WITH RESPECT TO WHICH:

(I)       THE LESSOR DOES NOT SELECT, MANUFACTURE, OR SUPPLY
THE GOODS;

(II)     THE LESSOR ACQUIRES THE GOODS OR THE RIGHT TO
POSSESSION AND USE OF THE GOODS IN CONNECTION WITH THE LEASE; AND

(III)    ONE OF THE FOLLOWING OCCURS:

1.        THE LESSEE RECEIVES A COPY OF THE CONTRACT BY
WHICH THE LESSOR ACQUIRED THE GOODS OR THE RIGHT TO POSSESSION AND USE
OF THE GOODS BEFORE SIGNING THE LEASE CONTRACT;

2.        THE LESSEE'S APPROVAL OF THE CONTRACT BY WHICH
THE LESSOR ACQUIRED THE GOODS OR THE RIGHT TO POSSESSION AND USE OF THE
GOODS IS A CONDITION TO EFFECTIVENESS OF THE LEASE CONTRACT;

3.        THE LESSEE, BEFORE SIGNING THE LEASE CONTRACT,
RECEIVES AN ACCURATE AND COMPLETE STATEMENT DESIGNATING THE PROMISES
AND WARRANTIES, AND ANY DISCLAIMERS OF WARRANTIES, LIMITATIONS OR
MODIFICATIONS OF REMEDIES, OR LIQUIDATED DAMAGES, INCLUDING THOSE OF A
THIRD PARTY, SUCH AS THE MANUFACTURER OF THE GOODS, PROVIDED TO THE
LESSOR BY THE PERSON SUPPLYING THE GOODS IN CONNECTION WITH OR AS PART
OF THE CONTRACT BY WHICH THE LESSOR ACQUIRED THE GOODS OR THE RIGHT
TO POSSESSION AND USE OF THE GOODS; OR

4.        IF THE LEASE IS NOT A CONSUMER LEASE, THE LESSOR,
BEFORE THE LESSEE SIGNS THE LEASE CONTRACT, INFORMS THE LESSEE IN
WRITING (A) OF THE IDENTITY OF THE PERSON SUPPLYING THE GOODS TO THE
LESSOR, UNLESS THE LESSEE HAS SELECTED THAT PERSON AND DIRECTED THE
LESSOR TO ACQUIRE THE GOODS OR THE RIGHT TO POSSESSION AND USE OF THE
GOODS FROM THAT PERSON, (B) THAT THE LESSEE IS ENTITLED UNDER THIS
ARTICLE TO THE PROMISES AND WARRANTIES, INCLUDING THOSE OF ANY THIRD
PARTY, PROVIDED TO THE LESSOR BY THE PERSON SUPPLYING THE GOODS IN
CONNECTION WITH OR AS PART OF THE CONTRACT BY WHICH THE LESSOR
ACQUIRED THE GOODS OR THE RIGHT TO POSSESSION AND USE OF THE GOODS,
AND (C) THAT THE LESSEE MAY COMMUNICATE WITH THE PERSON SUPPLYING THE
GOODS TO THE LESSOR AND RECEIVE AN ACCURATE AND COMPLETE STATEMENT
OF THOSE PROMISES AND WARRANTIES, INCLUDING ANY DISCLAIMERS AND
LIMITATIONS OF THEM OR OF REMEDIES.

(H) "GOODS" MEANS ALL THINGS THAT ARE MOVABLE AT THE TIME OF
IDENTIFICATION TO THE LEASE CONTRACT, OR ARE FIXTURES (§ 2A-309), BUT THE
TERM DOES NOT INCLUDE MONEY, DOCUMENTS, INSTRUMENTS, ACCOUNTS,
CHATTEL PAPER, GENERAL INTANGIBLES, OR MINERALS OR THE LIKE, INCLUDING
OIL AND GAS, BEFORE EXTRACTION. THE TERM ALSO INCLUDES THE UNBORN
YOUNG OF ANIMALS.

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