(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 as provided under ORS 72A.5100, the lessee is in default under the lease contract and the lessor may:
(a) Cancel the lease contract as provided in ORS 72A.5050;
(b) Proceed respecting goods not identified to the lease contract as provided in ORS 72A.5240;
(c) Withhold delivery of the goods and take possession of goods previously delivered as provided in ORS 72A.5250;
(d) Stop delivery of the goods by any bailee as provided in ORS 72A.5260;
(e) Dispose of the goods and recover damages as provided in ORS 72A.5270, retain the goods and recover damages as provided in ORS 72A.5280, or in a proper case recover rent as provided in ORS 72A.5290; 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. [1989 c.676 §70; 1993 c.646 §15; 1995 c.79 §22]
Section: Previous 72A.5160 72A.5170 72A.5180 72A.5190 72A.5200 72A.5210 72A.5220 72A.5230 72A.5240 72A.5250 72A.5260 72A.5270 72A.5280 72A.5290 72A.5295 NextLast modified: August 7, 2008