[Previous] [Next]

§12A-2A-501.


§12A-2A-501.
   
                             DEFAULT; PROCEDURE
                                      
   (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 subsection (1) of Section 1-106 of
   this title or this article or the lease agreement, the rights and
   remedies referred to in subsections (2) and (3) of this section 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.
   

[Previous] [Next]