Reporter's Notes. This term, including its "fair 3 dealing" criterion for merchants, is taken from UCC § 4 2-103(1)(b) which is incorporated in Art. 2A [Leases] 5 in § 2A-103(3). Query: do we need to repeat 6 definitions of terms from the UCC? If so, do we need a 7 separate definition of "merchant," or is that fairly 8 incorporated via UCC § 2A-103(2) and § 2-104(1)? 9
Reporter's Notes. Same as UCC § 1-203. "Good faith" is 18 defined in Section 102. Query: do we need this at all, 19 given general applicability of UCC? 20 22 Section 108. Unconscionability.
Reporter's Notes. Verbatim from UCC 2A-103(1)(h). Is 11 it apt for this Act? Are we agreed that this Act 12 generally covers all "goods," and not just vehicles? 13 And that this Act does not cover any other forms of 14 "personal property"? 15
Examples of Reporter's Notes in a sentence
Disposal of Exhibits and Court Reporters' Notes and RecordsExhibits, notes and records of court reporters shall be disposed of only in accordance with Rule7.05 of these local rules.
Rather, the South Carolina Reporters Notes address the effect of the 1999 Official Text upon South Carolina case law interpreted under former Article 9 and upon statutes other than the Uniform Commercial Code.
In addition, the South Carolina Reporters Notes address Article 9 provisions enacted in South Carolina that are not consistent with the 1999 Official Text.
See Restatement (Third) of Trusts Section 27 Reporter's Notes to cmt.
See Restatement (Third) of Trusts Section 60 Reporter's Notes to cmt.
More Definitions of Reporter's Notes
Reporter's Notes. Option B is based on U3C § 1.201. 24 Subsection (a) omits a U3C paragraph dealing with mail 25 applications for open-end credit which seems 26 inapplicable here. Subsection (b) references where the 27 leased goods are kept, rather than the U3C reference to 28 where loan proceeds are received. Otherwise 29 essentially verbatim. 30 1 This option covers any lease "entered into" in 2 this state [subsection (a)], but also has some extra- 3 territorial reach to protect local residents. Thus it 4 covers the price terms of a lease 'solicited' in this 5 state [subsection (b)], and it limits an out-of-state 6 lessor's enforcement rights in this state [subsections 7 (c) and (d)]. Otherwise out-of-state leases are
Reporter's Notes. This "scope" provision confirms that 10 this sub-set of rules applies only to vehicle leases, 11 in addition to the general provisions earlier in this 12 Act.
Reporter's Notes. Most of the definitions that follow 18 the Model act, and versions of them appear in the CA, 19 FL, IN, NH, NY and WI acts. These fairly intricate 20 definitions are necessary to parse out the lease cost 21 structure, including gap coverage and early termination 22 liability, and to permit calculation and possibly 23 disclosure of the Rent Charge and Lease Rate. 24 25 The recent revision of Reg. M significantly 26 affects this set of definitions, I believe. Thus, 27 where Reg. M defines a term that is exactly or nearly 28 the same as one in the Model and state acts, this draft 29 uses the Reg. M term, and sets out the Reg. M 30 definition as an option for this Act. Definitions in 31 this Act relating to disclosures and calculations 32 should be consistent with those in the federal Consumer 33 Leasing Act. Otherwise they may be preempted by Xxx.
Reporter's Notes. This is the functional equivalent of 20 the "amount financed" in a credit transaction. Option 21 A is the Reg. M definition. Option B is from the Model 22 and state acts. 23 24
Reporter's Notes. This is the "principal and interest" 30 portion of the monthly payment, without adding taxes or 31 other incidentals. The term is used, but not 32 specifically defined, in Reg. M. I think this 33 definition is consistent with Reg. M usage. 34 35 1 (3) "Capitalized cost reduction" means 2 [Option A] the total amount of any rebate, cash payment, net 3 trade-in allowance, and noncash credit that reduces the gross 4 capitalized cost. 5 [Option B] any payment made by cash, check, rebate or 6 similar means that is in the nature of a down payment by the 7 lessee and any net trade-in allowance granted by the lessor at 8 the inception of the lease for the purpose of reducing the 9 capitalized cost. The term does not include any base lease 10 payment due at the inception of the lease.
Reporter's Notes. The earlier draft was based on the 20 Model, CA, NH, WI acts, with some re-write. This now 21 reflects Drafting Committee changes as of 2/97. 22 23 Subsection (a) requires the lessor to return 24 "promptly" any trade-in and refund any advance payment 25 if a lease deal is not closed. The Committee did not 26 settle on a precise time limit, but 10 days seemed to 27 be the consensus. Since the lessor may not dispose of 28 the trade-in goods in the meantime, the period should 29 be fairly short. 30