§ 6A-2.1-523 - Lessor's remedies.
SECTION 6A-2.1-523
§ 6A-2.1-523 Lessor's remedies. – (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails tomake a payment when due or repudiates with respect to a part or the whole,then, with respect to any goods involved, and with respect to all of the goodsif under an installment lease contract the value of the whole lease contract issubstantially impaired (§ 6A-2.1-510), the lessee is in default under thelease contract and the lessor may:
(a) Cancel the lease contract (§ 6A-2.1-505(1));
(b) Proceed respecting goods not identified to the leasecontract (§ 6A-2.1-524);
(c) Withhold delivery of the goods and take possession ofgoods previously delivered (§ 6A-2.1-525);
(d) Stop delivery of the goods by any bailee (§6A-2.1-526);
(e) Dispose of the goods and recover damages (§6A-2.1-527), or retain the goods and recover damages (§ 6A-2.1-528), or ina proper case recover rent (§ 6A-2.1-529);
(f) Exercise any other rights or pursue any remedies providedin the lease contract.
(2) If a lessor does not fully exercise a right or obtain aremedy to which the lessor is entitled under subsection (1), the lessor mayrecover the loss resulting in the ordinary course of events from the lessee'sdefault as determined in any reasonable manner, together with incidentaldamages, less expenses saved in consequence of the lessee's default.
(3) If a lessee is otherwise in default under a leasecontract, the lessor may exercise the rights and pursue the remedies providedin the lease contract, which may include a right to cancel the lease. Inaddition, unless otherwise provided in the lease contract:
(a) If the default substantially impairs the value of thelease contract to the lessor, the lessor may exercise the rights and pursue theremedies provided in subsection (1) or (2); or
(b) If the default does not substantially impair the value ofthe lease contract to the lessor, the lessor may recover as provided insubsection (2).