Legislation

* Section 2-A-102. Scope.

This Article applies to any transaction, regardless of form, that
creates a lease.

* NB Effective until June 3, 2026
* Section 2-A-102. Scope.

(1) This Article applies to any transaction, regardless of form, that
creates a lease and, in the case of a hybrid lease, it applies to the
extent provided in subsection (2).

(2) In a hybrid lease:

(a) if the lease-of-goods aspects do not predominate:

(i) only the provisions of this article which relate primarily to the
lease-of-goods aspects of the transaction apply, and the provisions that
relate primarily to the transaction as a whole do not apply;

(ii) Section 2-A-209 applies if the lease is a finance lease; and

(iii) Section 2-A-407 applies to the promises of the lessee in a
finance lease to the extent the promises are consideration for the right
to possession and use of the leased goods; and

(b) if the lease-of-goods aspects predominate, this Article applies to
the transaction, but does not preclude application in appropriate
circumstances of other law to aspects of the lease which do not relate
to the lease of goods.

* NB Effective June 3, 2026