Code of Virginia - Title 8.2A Commercial Code - Leases - Part 5 Default

  • 8.2A-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 title. (2) If ...
  • 8.2A-502 Notice after default
    Except as otherwise provided in this title or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to ...
  • 8.2A-503 Modification or impairment of rights and remedies
    (1) Except as otherwise provided in this title, the lease agreement may include rights and remedies for default in addition to or in substitution for ...
  • 8.2A-504 Liquidation of damages
    (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or ...
  • 8.2A-505 Cancellation and termination and effect of cancellation, termination, rescission, or fraud on right...
    (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default ...
  • 8.2A-506 Statute of limitation
    (1) An action for default under a lease contract, including breach of warranty or indemnity, shall be commenced within four years after the cause of ...
  • 8.2A-507 Proof of market rent; time and place
    (1) Damages based on market rent as provided in § 8.2A-519 or § 8.2A-528 are determined according to the rent for the use of the ...
  • 8.2A-508 Lessee's remedies
    (1) If a lessor fails to deliver the goods in conformity to the lease contract (§ 8.2A-509) or repudiates the lease contract (§ 8.2A-402), or ...
  • 8.2A-509 Lessee's rights on improper delivery; rightful rejection
    (1) Subject to the provisions of § 8.2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any ...
  • 8.2A-510 Installment lease contracts; rejection and default
    (1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery ...
  • 8.2A-511 Merchant lessee's duties as to rightfully rejected goods
    (1) Subject to any security interest of a lessee (subsection (5) of § 8.2A-508), if a lessor or a supplier has no agent or place ...
  • 8.2A-512 Lessee's duties as to rightfully rejected goods
    (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (§ 8.2A-511) and subject to any security interest of ...
  • 8.2A-513 Cure by lessor of improper tender or delivery; replacement
    (1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, ...
  • 8.2A-514 Waiver of lessee's objections
    (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 the ...
  • 8.2A-515 Acceptance of goods
    (1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) The lessee signifies or acts with ...
  • 8.2A-516 Effect of acceptance of goods; notice of default; burden of establishing default after acceptance; ...
    (1) A lessee shall pay rent for any goods accepted in accordance with the lease contract, with due allowance for goods rightfully rejected or not ...
  • 8.2A-517 Revocation of acceptance of goods
    (1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has ...
  • 8.2A-518 Cover; substitute goods
    (1) After default by a lessor under the lease contract of the type described in subsection (1) of § 8.2A-508, or, if agreed, after other ...
  • 8.2A-519 Lessee's damages for nondelivery, repudiation, default, and breach of warranty in regard to accepte...
    (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 8.2A-504) or otherwise determined pursuant to agreement of the parties ...
  • 8.2A-520 Lessee's incidental and consequential damages
    (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 or ...
  • 8.2A-521 Lessee's right to specific performance or other similar rights
    (1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include any ...
  • 8.2A-522 Lessee's right to goods on lessor's insolvency
    (1) Subject to subsection (2) of this section and even though the goods have not been shipped, a lessee who has paid a part or ...
  • 8.2A-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 ...
  • 8.2A-524 Lessor's right to identify goods to lease contract
    (1) A lessor aggrieved under subsection (1) of § 8.2A-523 may: (a) Identify to the lease contract conforming goods not already identified if at the ...
  • 8.2A-525 Lessor's right to possession of goods
    (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee ...
  • 8.2A-526 Lessor's stoppage of delivery in transit or otherwise
    (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be ...
  • 8.2A-527 Lessor's rights to dispose of goods
    (1) After a default by a lessee under the lease contract of the type described in subsection (1) of § 8.2A-523 or subsection (3) (a) ...
  • 8.2A-528 Lessor's damages for nonacceptance or repudiation
    (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 8.2A-504) or otherwise determined pursuant to agreement of the parties ...
  • 8.2A-529 Lessor's action for the rent
    (1) After default by the lessee under the lease contract of the type described in subsection (1) of § 8.2A-523 or subdivision (3) (a) of ...
  • 8.2A-530 Lessor's incidental damages
    Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of ...
  • 8.2A-531 Standing to sue third parties for injury to goods
    (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party ...
  • 8.2A-532 Lessor's rights to residual interest
    In addition to any other recovery permitted by this title or other law, the lessor may recover from the lessee an amount that will fully ...

Last modified: April 3, 2009