New York Uniform Commercial Code Law Part 5 - DEFAULT

• 2-a-501 - Default: Procedure.
  Section (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this Article. (2)...
• 2-a-502 - Notice After Default.
  Section Except as otherwise provided in this Article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled...
• 2-a-503 - Modification or Impairment of Rights and Remedies.
  Section (1) Except as otherwise provided in this Article, the lease agreement may include rights and remedies for default in addition to or in substitution...
• 2-a-504 - Liquidation of Damages.
  Section (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits...
• 2-a-505 - Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies.
  Section (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior...
• 2-a-506 - Statute of Limitations.
  Section (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause...
• 2-a-507 - Proof of Market Rent: Time and Place.
  Section (1) Damages based on market rent (Section 2-A-519 or 2-A-528) are determined according to the rent for the use of the goods concerned for...
• 2-a-508 - Lessee's Rememdies.
  Section 2-A-508. Lessee's Remedies. (1) If a lessor fails to deliver the goods in conformity to the lease contract (Section 2-A-509) or repudiates the lease...
• 2-a-509 - Lessee's Rights on Improper Delivery: Rightful Rejection.
  Section (1) Subject to the provisions of Section 2-A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in...
• 2-a-510 - Installment Lease Contracts: Rejection and Default.
  Section (1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that...
• 2-a-511 - Merchant Lessee's Duties As to Rightfully Rejected Goods.
  Section (1) Subject to any security interest of a lessee (Section 2-A-508(5)), if a lessor or a supplier has no agent or place of business...
• 2-a-512 - Lessee's Duties As to Rightfully Rejected Goods.
  Section (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 2-A-511) and subject to any security interest...
• 2-a-513 - Cure by Lessor of Improper Tender or Delivery; Replacement.
  Section (1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet...
• 2-a-514 - Waiver of Lessee's Objections.
  Section (1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on...
• 2-a-515 - Acceptance of Goods.
  Section (1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the lessee signifies or acts...
• 2-a-516 - Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default After Acceptance; Notice of Claim or Litigation to Person Answerable
  Section Over. (1) A lessee must pay rent for any goods accepted in accordance with the lease contract, with due allowance for goods rightfully rejected...
• 2-a-517 - Revocation of Acceptance of Goods.
  Section (1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee...
• 2-a-518 - Cover; Substitute Goods.
  Section (1) After a default by a lessor under the lease contract of the type described in Section 2-A-508(1) or, if agreed, after other default...
• 2-a-519 - Lessee's Damages for Non-Delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods.
  Section (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2-A-504) or otherwise determined pursuant to agreement of the...
• 2-a-520 - Lessee's Incidental and Consequential Damages.
  Section (1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected...
• 2-a-521 - Lessee's Right to Specific Performance or Replevin.
  Section (1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include...
• 2-a-522 - Lessee's Right to Goods on Lessor's Insolvency.
  Section (1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of...
• 2-a-523 - Lessor's Remedies.
  Section (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to...
• 2-a-524 - Lessor's Right to Identify Goods to Lease Contract.
  Section (1) After default by the lessee under the lease contract of the type described in Section 2-A-523 (1) or Section 2-A-523 (3)(a) or, if...
• 2-a-525 - Lessor's Right to Possession of Goods.
  Section (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the...
• 2-a-526 - Lessor's Stoppage of Delivery in Transit or Otherwise.
  Section (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to...
• 2-a-527 - Lessor's Rights to Dispose of Goods.
  Section (1) After a default by a lessee under the lease contract of the type described in Section 2-A-523(1) or 2-A-523(3)(a) or after the lessor...
• 2-a-528 - Lessor's Damages for Non-Acceptance, Failure to Pay, Repudiation, or Other Default.
  Section (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2-A-504) or otherwise determined pursuant to agreement of the...
• 2-a-529 - Lessor's Action for the Rent.
  Section (1) After default by the lessee under the lease contract of the type described in Section 2-A-523(1) or 2-A-523(3)(a) or, if agreed, after other...
• 2-a-530 - Lessor's Incidental Damages.
  Section Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody...
• 2-a-531 - Standing to Sue Third Parties for Injury to Goods.
  Section (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a...
• 2-a-532 - Lessor's Rights to Residual Interest.
  Section In addition to any other recovery permitted by this Article or other law, the lessor may recover from the lessee an amount that will...

Last modified: February 3, 2019