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355.2A-501 Default procedure.
(1)
(2)
(3)
(4)
(5)
Whether the lessor or the lessee is in default under a lease contract is determined by
the lease agreement and this article.
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.
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.
Except as otherwise provided in KRS 355.1-305 or this article or the lease
agreement, the rights and remedies referred to in subsections (2) and (3) of this
section are cumulative.
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.
Effective: July 12, 2006
History: Amended 2006 Ky. Acts ch. 242, sec. 28, effective July 12, 2006. -- Amended
1992 Ky. Acts ch. 116, sec. 10, effective January 1, 1993 -- Created 1990 Ky. Acts
ch. 363, sec. 48, effective January 1, 1991.
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