PART 5. 
DEFAULT



 



Subpart A. 
In General



 



§490:2A-501  Default:  procedure.  (a) 
Whether the lessor or the lessee is in default under a lease contract is
determined by the lease agreement and this article.



(b)  If the lessor or the lessee is in default under
the lease contract, the party seeking enforcement has rights and remedies as
provided in this article and, except as limited by this article, as provided in
the lease agreement.



(c)  If the lessor or the lessee is in default
under the lease contract, the party seeking enforcement may reduce the party's
claim to judgment, or otherwise enforce the lease contract by self-help or any
available judicial procedure or nonjudicial procedure, including administrative
proceeding, arbitration, or the like, in accordance with this article.



(d)  Except as otherwise provided in section
490:1-305(a), this article, or the lease agreement, the rights and remedies
referred to in subsections (b) and (c) are cumulative.



(e)  If the lease agreement covers both real
property and goods, the party seeking enforcement may proceed under this part
as to the goods, or under other applicable law as to both the real property and
the goods in accordance with that party's rights and remedies in respect of the
real property, in which case this part does not apply. [L 1991, c 40, pt of §1;
am L 2004, c 162, §6]