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RSA 382-A:2A-201 · Statute of Frauds

Title
XXXIV-A: UNIFORM COMMERCIAL CODE
Chapter
382-A · UNIFORM COMMERCIAL CODE
Status
current
Official source linked
Yes
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382-A:2A-201 Statute of Frauds. –

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(1)

A lease contract is not enforceable by way of action or defense unless:

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(a)

the total payments to be made under the lease contract, excluding payments for options to renew or buy, are less than $1,000; or

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(b)

there is a record, signed by the party against whom enforcement is sought or by that party's authorized agent, sufficient to indicate that a lease contract has been made between the parties and to describe the goods leased and the lease term.

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(2)

Any description of leased goods or of the lease term is sufficient and satisfies subsection (1)(b), whether or not it is specific, if it reasonably identifies what is described.

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(3)

A record is not insufficient because it omits or incorrectly states a term agreed upon, but the lease contract is not enforceable under subsection (1)(b) beyond the lease term and the quantity of goods shown in the record.

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(4)

A lease contract that does not satisfy the requirements of subsection (1), but which is valid in other respects, is enforceable:

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(a)

if the goods are to be specially manufactured or obtained for the lessee and are not suitable for lease or sale to others in the ordinary course of the lessor's business, and the lessor, before notice of repudiation is received and under circumstances that reasonably indicate that the goods are for the lessee, has made either a substantial beginning of their manufacture or commitments for their procurement;

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(b)

if the party against whom enforcement is sought admits in that party's pleading, testimony or otherwise in court that a lease contract was made, but the lease contract is not enforceable under this provision beyond the quantity of goods admitted; or

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(c)

with respect to goods that have been received and accepted by the lessee.

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(5)

The lease term under a lease contract referred to in subsection (4) is:

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(a)

if there is a record signed by the party against whom enforcement is sought or by that party's authorized agent specifying the lease term, the term so specified;

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(b)

if the party against whom enforcement is sought admits in that party's pleading, testimony, or otherwise in court a lease term, the term so admitted; or

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(c)

a reasonable lease term. Source. 1993, 345:1, eff. Jan. 1, 1994. 2022, 281:18, eff. Jan. 1, 2023. 2023, 236:13, eff. Oct. 7, 2023.

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Source note

Source. 1993, 345:1, eff. Jan. 1, 1994. 2022, 281:18, eff. Jan. 1, 2023. 2023, 236:13, eff. Oct. 7, 2023.

Source history

  • 1993, 345:1, eff. Jan. 1, 1994
  • 2022, 281:18, eff. Jan. 1, 2023
  • 2023, 236:13, eff. Oct. 7, 2023

Related materials

Bill relationships

  • 2026 HB1066 reference

    installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements

  • 2026 HB1066-FN reference

    installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements

  • 2026 HB1748 reference · effective 2027-01-01

    V. Any mortgage, pledge, or security interest made by the authority under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received

  • 2026 HB1748-FN reference · effective 2027-01-01

    V. Any mortgage, pledge, or security interest made by the authority under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received

  • 2026 SB56 reference · effective 2031-07-01

    rfected from the time when the security document is executed with or without any subsequent physical delivery or segregation of the money and without any filing or recording under RSA 382-A or otherwise] A pledge of property, revenues, or other collateral by the authority to secure the payment of principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any