Section 2-A-501. Default: Procedure  


Latest version.
  • (1)  Whether  the  lessor  or  the  lessee is in default under a lease
      contract is determined by the lease agreement and this Article.
        (2) 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.
        (3)  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.
        (4) Except as otherwise provided in Section 1-106(1) or  this  Article
      or  the  lease  agreement,  the  rights  and  remedies  referred  to  in
      subsections (2) and (3) are cumulative.
        (5) 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.