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§12A-2A-523.
§12A-2A-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
2A-510 of this title), the lessee is in default under the lease
contract and the lessor may:
(a) cancel the lease contract (subsection (1) of Section 2A-505 of
this title);
(b) proceed respecting goods not identified to the lease contract
(Section 2A-524 of this title);
(c) withhold delivery of the goods and take possession of goods
previously delivered (Section 2A-525 of this title);
(d) stop delivery of the goods by any bailee (Section 2A-526 of this
title);
(e) dispose of the goods and recover damages (Section 2A-527 of this
title), or retain the goods and recover damages (Section 2A-528 of
this title), or in a proper case recover rent (Section 2A-529 of this
title); or
(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) of this section, 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 in subsection (1) or (2) of this section; 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) of this section.
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