WILLIAM DONALD SCHAEFER, Governor

Ch. 535

(2)      A DECREE FOR SPECIFIC PERFORMANCE MAY INCLUDE ANY TERMS AND
CONDITIONS AS TO PAYMENT OF THE RENT, DAMAGES, OR OTHER RELIEF THAT
THE COURT DEEMS JUST.

(3)      A LESSEE HAS A RIGHT OF REPLEVIN, DETINUE, SEQUESTRATION, CLAIM
AND DELIVERY, OR THE LIKE FOR GOODS IDENTIFIED TO THE LEASE CONTRACT IF
AFTER REASONABLE EFFORT THE LESSEE IS UNABLE TO EFFECT COVER FOR THOSE
GOODS OR THE CIRCUMSTANCES REASONABLY INDICATE THAT THE EFFORT WILL
BE UNAVAILING.

2A-522. LESSEE'S RIGHT TO GOODS ON LESSOR'S INSOLVENCY

(1)      SUBJECT TO SUBSECTION (2) AND EVEN THOUGH THE GOODS HAVE NOT
BEEN SHIPPED, A LESSEE WHO HAS PAID A PART OR ALL OF THE RENT AND
SECURITY FOR GOODS IDENTIFIED TO A LEASE CONTRACT (§ 2A-217) ON MAKING
AND KEEPING GOOD A TENDER OF ANY UNPAID PORTION OF THE RENT AND
SECURITY DUE UNDER THE LEASE CONTRACT MAY RECOVER THE GOODS
IDENTIFIED FROM THE LESSOR IF THE LESSOR BECOMES INSOLVENT WITHIN 10
DAYS AFTER RECEIPT OF THE FIRST INSTALLMENT OF RENT AND SECURITY.

(2)      A LESSEE ACQUIRES THE RIGHT TO RECOVER GOODS IDENTIFIED TO A
LEASE CONTRACT ONLY IF THEY CONFORM TO THE LEASE CONTRACT.

C. DEFAULT BY LESSEE

2A-523. LESSOR'S REMEDIES

(1) IF A LESSEE WRONGFULLY REJECTS OR REVOKES ACCEPTANCE OF
GOODS OR FAILS TO MAKE A PAYMENT WHEN DUE OR REPUDIATES WITH RESPECT
TO A PART OR THE WHOLE, THEN, WITH RESPECT TO ANY GOODS INVOLVED, AND
WITH RESPECT TO ALL OF THE GOODS IF UNDER AN INSTALLMENT LEASE
CONTRACT THE VALUE OF THE WHOLE LEASE CONTRACT IS SUBSTANTIALLY
IMPAIRED (§ 2A-510), THE LESSEE IS IN DEFAULT UNDER THE LEASE CONTRACT AND
THE LESSOR MAY:

(A)     CANCEL THE LEASE CONTRACT (§ 2A-505(1));

(B)      PROCEED RESPECTING GOODS NOT IDENTIFIED TO THE LEASE
CONTRACT (§ 2A-524);

(C)     WITHHOLD DELIVERY OF THE GOODS AND TAKE POSSESSION OF
GOODS PREVIOUSLY DELIVERED (§ 2A-525);

(D)     STOP DELIVERY OF THE GOODS BY ANY BAILEE (§ 2A-526);

(E)     DISPOSE OF THE GOODS AND RECOVER DAMAGES (§ 2A-527), OR
RETAIN THE GOODS AND RECOVER DAMAGES (§ 2A-528), OR IN A PROPER CASE
RECOVER RENT (§ 2A-529);

(F)      EXERCISE ANY OTHER RIGHTS OR PURSUE ANY OTHER REMEDY
PROVIDED IN THE LEASE CONTRACT.

- 2543 -