2006 New York Code - Cancellation And Termination And Effect Of Cancellation, Termination, Rescission, Or Fraud On Rights And Remedies.

 
  Section 2-A-505. Cancellation    and    Termination    and   Effect   of
                     Cancellation, Termination, Rescission,  or  Fraud  on
                     Rights and Remedies.
    (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  or  performance  survives, and the cancelling party also
  retains any remedy for default  of  the  whole  lease  contract  or  any
  unperformed balance.
    (2)  On  termination  of  the lease contract, all obligations that are
  still executory on both sides are discharged  but  any  right  based  on
  prior default or performance survives.
    (3)  Unless  the  contrary  intention  clearly appears, expressions of
  "cancellation," "rescission," or the like of the lease contract may  not
  be  construed as a renunciation or discharge of any claim in damages for
  an antecedent default.
    (4) Rights  and  remedies  for  material  misrepresentation  or  fraud
  include  all  rights  and  remedies  available  under  this  Article for
  default.
    (5) Neither rescission  nor  a  claim  for  rescission  of  the  lease
  contract  nor  rejection  or  return  of  the goods may bar or be deemed
  inconsistent with a claim for damages or other right or remedy.