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Can you summarize NHRS 382-A:2A-523?
UNIFORM COMMERCIAL CODE > Lessor's Remedies.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the remedies available to the lessor in a lease contract. If the lessee wrongfully rejects or revokes acceptance of goods, fails to make a payment when due, or repudiates the contract, the lessor has several options. These include canceling the lease contract, proceeding with goods not identified to the lease contract, withholding delivery of goods, stopping delivery by any bailee, disposing of the goods and recovering damages, retaining the goods and recovering damages, or recovering rent. The lessor may also exercise any other rights or remedies provided in the lease contract. If the lessor does not fully exercise their rights, they may recover the loss resulting from the lessee’s default, along with incidental damages. If the lessee is otherwise in default, the lessor may exercise the rights and remedies provided in the lease contract, including the right to cancel the lease. The lessor’s ability to exercise these remedies depends on whether the default substantially impairs the value of the lease contract or not.
Whom does it apply to?
Lessee and Lessor in a lease contract
What does it govern?
Lessor's Remedies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New Hampshire