400.2A-501. Default--procedure. - Missouri Statutes

Default--procedure.

400.2A-501. (1) Whether the lessor or the lessee is indefault under a lease contract is determined by the leaseagreement and this Article.

(2) If the lessor or the lessee is in default under thelease contract, the party seeking enforcement has rights andremedies as provided in this Article and, except as limited bythis Article, as provided in the lease agreement.

(3) If the lessor or the lessee is in default under thelease contract, the party seeking enforcement may reduce theparty's claim to judgment, or otherwise enforce the leasecontract by self-help or any available judicial procedure ornonjudicial procedure, including administrative proceeding,arbitration, or the like, in accordance with this Article.

(4) Except as otherwise provided in section 400.1-106(1) orthis Article or the lease agreement, the rights and remediesreferred to in subsections (2) and (3) are cumulative.

(5) If the lease agreement covers both real property andgoods, the party seeking enforcement may proceed under this partas to the goods, or under other applicable law as to both thereal property and the goods in accordance with that party'srights and remedies in respect of the real property, in whichcase this Part does not apply.

(L. 1992 S.B. 448)