12A:2A-501 - Default: procedure - New Jersey Statutes

12A:2A-501.    Default:  procedure 
  12A:2A-501.  Default:  procedure.

(1)    Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this chapter. 

(2)    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 chapter and, except as limited by this chapter, as provided in the lease agreement. 

(3)    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 chapter. 

(4)    Except as otherwise provided in 12A:1-106(1) or this chapter or the lease agreement, the rights and remedies referred to in subsections (2) and (3) are cumulative. 

(5)    If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this subchapter 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 subchapter does not apply. 

L.1994,c.114,s.1.