Illinois Compiled Statutes 810 ILCS 5 Uniform Commercial Code. Section 2A-501

    (810 ILCS 5/2A-501) (from Ch. 26, par. 2A-501)

    Sec. 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 Section 1-305(a) 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.

(Source: P.A. 95-895, eff. 1-1-09.)

Sections:  Previous  2A-401  2A-402  2A-403  2A-404  2A-405  2A-406  2A-407  2A-501  2A-502  2A-503  2A-504  2A-505  2A-506  2A-507  2A-508  Next

Last modified: February 18, 2015