Arkansas Code
Part 5 - Default
§ 4-2A-524. Lessor's right to identify goods to lease contract

(a) After default by the lessee under the lease contract of the type described in § 4-2A-523(1) or § 4-2A-523(3)(a) or, if agreed, after other default by the lessee, the lessor may:
(1) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor's or the supplier's possession or control; and
(2) dispose of goods (§ 4-2A-527(1)) that demonstrably have been intended for the particular lease contract even though those goods are unfinished.

(b) If the goods are unfinished, in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization, an aggrieved lessor or the supplier may either complete manufacture and wholly identify the goods to the lease contract or cease manufacture and lease, sell, or otherwise dispose of the goods for scrap or salvage value or proceed in any other reasonable manner.

Structure Arkansas Code

Arkansas Code

Title 4 - Business and Commercial Law

Subtitle 1 - Uniform Commercial Code

Chapter 2A - Leases

Part 5 - Default

§ 4-2A-501. Default — Procedure

§ 4-2A-502. Notice after default

§ 4-2A-503. Modification or impairment of rights and remedies

§ 4-2A-504. Liquidation of damages

§ 4-2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies

§ 4-2A-506. Statute of limitations

§ 4-2A-507. Proof of market rent — Time and place

§ 4-2A-508. Lessee's remedies

§ 4-2A-509. Lessee's rights on improper delivery — Rightful rejection

§ 4-2A-510. Installment lease contracts — Rejection and default

§ 4-2A-511. Merchant lessee's duties as to rightfully rejected goods

§ 4-2A-512. Lessee's duties as to rightfully rejected goods

§ 4-2A-513. Cure by lessor of improper tender or delivery — Replacement

§ 4-2A-514. Waiver of lessee's objections

§ 4-2A-515. Acceptance of goods

§ 4-2A-516. Effect of acceptance of goods — Notice of default — Burden of establishing default after acceptance — Notice of claim or litigation to person answerable over

§ 4-2A-517. Revocation of acceptance of goods

§ 4-2A-518. Cover — Substitute goods

§ 4-2A-519. Lessee's damages for non-delivery, repudiation, default, and breach of warranty in regard to accepted goods

§ 4-2A-520. Lessee's incidental and consequential damages

§ 4-2A-521. Lessee's right to specific performance or replevin

§ 4-2A-522. Lessee's right to goods on lessor's insolvency

§ 4-2A-523. Lessor's remedies

§ 4-2A-524. Lessor's right to identify goods to lease contract

§ 4-2A-525. Lessor's right to possession of goods

§ 4-2A-526. Lessor's stoppage of delivery in transit or otherwise

§ 4-2A-527. Lessor's rights to dispose of goods

§ 4-2A-528. Lessor's damages for non-acceptance, failure to pay, repudiation, or other default

§ 4-2A-529. Lessor's action for the rent

§ 4-2A-530. Lessor's incidental damages

§ 4-2A-531. Standing to sue third parties for injury to goods

§ 4-2A-532. Lessor's rights to residual interest