§ 25-2A-501. Default: procedure. - North Carolina Statutes

PART 5.

DEFAULT.

SUBPART A. In General.

§ 25‑2A‑501. Default: procedure.

(1)        Whether the lessoror the lessee is in default under a lease contract is determined by the leaseagreement and this Article.

(2)        If the lessor orthe lessee is in default under the lease contract, the party seekingenforcement has rights and remedies as provided in this Article and, except aslimited by this Article, as provided in the lease agreement.

(3)        If the lessor orthe lessee is in default under the lease contract, the party seekingenforcement may reduce the party's claim to judgment, or otherwise enforce thelease contract by self‑help or any available judicial procedure ornonjudicial procedure, including administrative proceeding, arbitration, or thelike, in accordance with this Article.

(4)        Except as otherwiseprovided in G.S. 25‑1‑305(a) or this Article or the leaseagreement, the rights and remedies referred to in subsections (2) and (3) ofthis section are cumulative.

(5)        If the leaseagreement covers both real property and goods, the party seeking enforcementmay proceed under this Part as to the goods, or under other applicable law asto both the real property and the goods in accordance with that party's rightsand remedies in respect of the real property, in which case this Part does notapply. (1993, c.463, s. 1; 2006‑112, s. 7.)