400.2A-209. Lessee under finance lease as beneficiary of supply contract.
Lessee under finance lease as beneficiary of supply contract.
400.2A-209. (1) The benefit of a supplier's promises tothe lessor under the supply contract and of all warranties,whether express or implied, including those of any third partyprovided in connection with or as part of the supply contractextends to the lessee to the extent of the lessee's leaseholdinterest under a finance lease related to the supply contract,but is subject to the terms of the warranty and of the supplycontract and all defenses or claims arising therefrom.
(2) The extension of the benefit of a supplier's promisesand of warranties to the lessee (Section 400.2A-209(1)) does not:(i) modify the rights and obligations of the parties to thesupply contract, whether arising therefrom or otherwise, or (ii)impose any duty or liability under the supply contract on thelessee.
(3) Any modification or rescission of the supply contractby the supplier and the lessor is effective between the supplierand the lessee unless, before the modification or rescission, thesupplier has received notice that the lessee has entered into afinance lease related to the supply contract. If themodification or rescission is effective between the supplier andthe lessee, the lessor is deemed to have assumed, in addition tothe obligations of the lessor to the lessee under the leasecontract, promises of the supplier to the lessor and warrantiesthat were so modified or rescinded as they existed and wereavailable to the lessee before modification or rescission.
(4) In addition to the extension of the benefit of thesupplier's promises and of warranties to the lessee undersubsection (1), the lessee retains all rights that the lessee mayhave against the supplier which arise from an agreement betweenthe lessee and the supplier or under other law.
(L. 1992 S.B. 448)