N.Y. Uniform Commercial Code Law Section 2-A-505
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.

Source: Section 2-A-505 — Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies, https://www.­nysenate.­gov/legislation/laws/UCC/2-A-505 (updated Sep. 22, 2014; accessed May 4, 2024).

2‑A‑501
Default: Procedure
2‑A‑502
Notice After Default
2‑A‑503
Modification or Impairment of Rights and Remedies
2‑A‑504
Liquidation of Damages
2‑A‑505
Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies
2‑A‑506
Statute of Limitations
2‑A‑507
Proof of Market Rent: Time and Place
2‑A‑508
Lessee’s Remedies
2‑A‑509
Lessee’s Rights on Improper Delivery: Rightful Rejection
2‑A‑510
Installment Lease Contracts: Rejection and Default
2‑A‑511
Merchant Lessee’s Duties as to Rightfully Rejected Goods
2‑A‑512
Lessee’s Duties as to Rightfully Rejected Goods
2‑A‑513
Cure by Lessor of Improper Tender or Delivery
2‑A‑514
Waiver of Lessee’s Objections
2‑A‑515
Acceptance of Goods
2‑A‑516
Effect of Acceptance of Goods
2‑A‑517
Revocation of Acceptance of Goods
2‑A‑518
Cover
2‑A‑519
Lessee’s Damages for Non-delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods
2‑A‑520
Lessee’s Incidental and Consequential Damages
2‑A‑521
Lessee’s Right to Specific Performance or Replevin
2‑A‑522
Lessee’s Right to Goods on Lessor’s Insolvency
2‑A‑523
Lessor’s Remedies
2‑A‑524
Lessor’s Right to Identify Goods to Lease Contract
2‑A‑525
Lessor’s Right to Possession of Goods
2‑A‑526
Lessor’s Stoppage of Delivery in Transit or Otherwise
2‑A‑527
Lessor’s Rights to Dispose of Goods
2‑A‑528
Lessor’s Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default
2‑A‑529
Lessor’s Action for the Rent
2‑A‑530
Lessor’s Incidental Damages
2‑A‑531
Standing to Sue Third Parties for Injury to Goods
2‑A‑532
Lessor’s Rights to Residual Interest

Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 2-A-505’s source at nysenate​.gov

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