Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.2A-522

Section 400.2A-523.1

400.2A-524→

August 28, 2015

Lessor's remedies.

400.2A-523. (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 (Section 400.2A-510), the

lessee is in default under the lease contract and the lessor may:



(a) cancel the lease contract (Section 400.2A-505(1));



(b) proceed respecting goods not identified to the lease contract

(Section 400.2A-524);



(c) withhold delivery of the goods and take possession of goods

previously delivered (Section 400.2A-525);



(d) stop delivery of the goods by any bailee (Section 400.2A-526);



(e) dispose of the goods and recover damages (Section 400.2A-527), or

retain the goods and recover damages (Section 400.2A-528), or in a proper

case recover rent (Section 400.2A-529);



(f) exercise any other rights or pursue any other remedies provided in

the lease contract.



(2) If a lessor does not fully exercise a right or obtain a remedy to

which the lessor is entitled under subsection (1), the lessor may recover the

loss resulting in the ordinary course of events from the lessee's default as

determined in any reasonable manner, together with incidental damages, less

expenses saved in consequence of the lessee's default.



(3) If a lessee is otherwise in default under a lease contract, the

lessor may exercise the rights and pursue the remedies provided in the lease

contract, which may include a right to cancel the lease. In addition, unless

otherwise provided in the lease contract:



(a) if the default substantially impairs the value of the lease contract

to the lessor, the lessor may exercise the rights and pursue the remedies

provided in subsection (1) or (2); or



(b) if the default does not substantially impair the value of the lease

contract to the lessor, the lessor may recover as provided in subsection (2).



(L. 1992 S.B. 448)







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