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Contracts Keyed to Epstein
CMA CGM, S.A. v. Waterfront Container Leasing Company, Inc.
Citation:
82 UCC Rep.Serv.2d 259, 2013 WL 6576792 (2013)Facts
In March 2007, the parties entered into Lease 7006, a five-year term lease for 7,271 containers, in addition to other separate leases. Lease 7006 includes a purchase option provision, which provides that lessee is granted a Purchase Option provided that Equipment remains continuously under lease for at least give years and subject to the limitation that the sale will be for the totality of the units under the lease at the time of the conclusion of the agreed lease period. On June 30, 2012, CMA sent Waterfront a “Purchase Option Notice,” seeking to exercise the purchase option provision. Waterfront refused to honor the notice. In May 2013, Waterfront demanded that CMA return all of the containers. At the time of this case started, half of the Lease 7006 containers had been returned to Waterfront.
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