2-A-523 - Lessor's Remedies. - New-york Statutes

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Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-523

Section 2-A-523. Lessor's Remedies.    (1)  If  a lessee wrongfully rejects or revokes acceptance of goods or  fails to make 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 goods if under an installment lease contract the value of the  whole lease contract is substantially impaired  (Section  2-A-510),  the  lessee is in default under the lease contract and the lessor may:    (a) cancel the lease contract (Section 2-A-505 (1));    (b) proceed  respecting  goods  not  identified  to the lease contract  (Section 2-A-524);    (c) withhold delivery of  the  goods  and  take  possession  of  goods  previously delivered (Section 2-A-525);    (d) stop delivery of the goods by any bailee (Section 2-A-526);    (e) dispose  of  the  goods  and recover damages (Section 2-A-527), or  retain the goods and recover damages (Section 2-A-528), or in  a  proper  case recover rent (Section 2-A-529);    (f) exercise any other rights or pursue any other remedies provided in  the lease contract.    (2)  If a lessor does not fully exercise a right or obtain a remedy to  which the lessor is  entitled  under  subsection  (1),  the  lessor  may  recover  the  loss  resulting  in the ordinary course of events from the  lessee's default as determined in any reasonable manner,  together  with  incidental  damages,  less expenses saved in consequence of the lessee's  default.    (3) If a lessee is otherwise in default under a  lease  contract,  the  lessor  may  exercise the rights and pursue the remedies provided in the  lease contract, which may include  a  right  to  cancel  the  lease.  In  addition, unless otherwise provided in the lease contract:    (a) if  the  default  substantially  impairs  the  value  of the lease  contract to the lessor, the lessor may exercise the  rights  and  pursue  the remedies provided under subsection (1) or (2); or    (b) if  the  default  does  not  substantially impair the value of the  lease contract to the lessor, the lessor  may  recover  as  provided  in  subsection (2).

State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-523

Section 2-A-523. Lessor's Remedies.    (1)  If  a lessee wrongfully rejects or revokes acceptance of goods or  fails to make 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 goods if under an installment lease contract the value of the  whole lease contract is substantially impaired  (Section  2-A-510),  the  lessee is in default under the lease contract and the lessor may:    (a) cancel the lease contract (Section 2-A-505 (1));    (b) proceed  respecting  goods  not  identified  to the lease contract  (Section 2-A-524);    (c) withhold delivery of  the  goods  and  take  possession  of  goods  previously delivered (Section 2-A-525);    (d) stop delivery of the goods by any bailee (Section 2-A-526);    (e) dispose  of  the  goods  and recover damages (Section 2-A-527), or  retain the goods and recover damages (Section 2-A-528), or in  a  proper  case recover rent (Section 2-A-529);    (f) exercise any other rights or pursue any other remedies provided in  the lease contract.    (2)  If a lessor does not fully exercise a right or obtain a remedy to  which the lessor is  entitled  under  subsection  (1),  the  lessor  may  recover  the  loss  resulting  in the ordinary course of events from the  lessee's default as determined in any reasonable manner,  together  with  incidental  damages,  less expenses saved in consequence of the lessee's  default.    (3) If a lessee is otherwise in default under a  lease  contract,  the  lessor  may  exercise the rights and pursue the remedies provided in the  lease contract, which may include  a  right  to  cancel  the  lease.  In  addition, unless otherwise provided in the lease contract:    (a) if  the  default  substantially  impairs  the  value  of the lease  contract to the lessor, the lessor may exercise the  rights  and  pursue  the remedies provided under subsection (1) or (2); or    (b) if  the  default  does  not  substantially impair the value of the  lease contract to the lessor, the lessor  may  recover  as  provided  in  subsection (2).

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State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-523

Section 2-A-523. Lessor's Remedies.    (1)  If  a lessee wrongfully rejects or revokes acceptance of goods or  fails to make 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 goods if under an installment lease contract the value of the  whole lease contract is substantially impaired  (Section  2-A-510),  the  lessee is in default under the lease contract and the lessor may:    (a) cancel the lease contract (Section 2-A-505 (1));    (b) proceed  respecting  goods  not  identified  to the lease contract  (Section 2-A-524);    (c) withhold delivery of  the  goods  and  take  possession  of  goods  previously delivered (Section 2-A-525);    (d) stop delivery of the goods by any bailee (Section 2-A-526);    (e) dispose  of  the  goods  and recover damages (Section 2-A-527), or  retain the goods and recover damages (Section 2-A-528), or in  a  proper  case recover rent (Section 2-A-529);    (f) exercise any other rights or pursue any other remedies provided in  the lease contract.    (2)  If a lessor does not fully exercise a right or obtain a remedy to  which the lessor is  entitled  under  subsection  (1),  the  lessor  may  recover  the  loss  resulting  in the ordinary course of events from the  lessee's default as determined in any reasonable manner,  together  with  incidental  damages,  less expenses saved in consequence of the lessee's  default.    (3) If a lessee is otherwise in default under a  lease  contract,  the  lessor  may  exercise the rights and pursue the remedies provided in the  lease contract, which may include  a  right  to  cancel  the  lease.  In  addition, unless otherwise provided in the lease contract:    (a) if  the  default  substantially  impairs  the  value  of the lease  contract to the lessor, the lessor may exercise the  rights  and  pursue  the remedies provided under subsection (1) or (2); or    (b) if  the  default  does  not  substantially impair the value of the  lease contract to the lessor, the lessor  may  recover  as  provided  in  subsection (2).