(1).
Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this Article.
[
1991, c. 805, §4 (NEW)
.]
(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.
[
1991, c. 805, §4 (NEW)
.]
(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.
[
1991, c. 805, §4 (NEW)
.]
(4).
Except as otherwise provided in section 1-1305, subsection (1), this Article or the lease agreement, the rights and remedies referred to in subsections (2) and (3) are
cumulative.
[
2009, c. 325, Pt. B, §27 (AFF);
2009, c. 325, Pt. B, §9 (AMD)
.]
(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.
[
1991, c. 805, §4 (NEW)
.]
SECTION HISTORY
1991, c. 805, §4 (NEW).
2009, c. 325, Pt. B, §27 (AFF).
2009, c. 325, Pt. B, §9 (AMD).
Data for this page extracted on 10/16/2012 08:20:53.