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N.Y. Uniform Commercial Code Law § 2-A-403 Retraction of Anticipatory Repudiation
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Section 2-A-403. Retraction of Anticipatory Repudiation. (1) Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggri…
N.Y. Uniform Commercial Code Law § 2-A-404 Substituted Performance
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Section 2-A-404. Substituted Performance. (1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially …
N.Y. Uniform Commercial Code Law § 2-A-405 Excused Performance
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Section 2-A-405. Excused Performance. (1) Subject to Section 2-A-404 on substituted performance, the following rules apply: (a) delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with paragraph (b) and subsection (2) is not a default under…
N.Y. Uniform Commercial Code Law § 2-A-406 Procedure on Excused Performance
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Section 2-A-406. Procedure on Excused Performance. (1) If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 2-A-405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of…
N.Y. Uniform Commercial Code Law § 2-A-407 Irrevocable Promises: Finance Leases
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Section 2-A-407. Irrevocable Promises: Finance Leases. (1) In the case of a finance lease that is not a consumer lease the lessee's promises under the lease contract become irrevocable and independent upon the lessee's acceptance of the goods. (2) A promise that has become irrevo…
N.Y. Uniform Commercial Code Law § 2-A-501 Default: Procedure
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Section 2-A-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 Article. (2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights a…
N.Y. Uniform Commercial Code Law § 2-A-502 Notice After Default
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Section 2-A-502. Notice After Default. Except as otherwise provided in this Article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement.
N.Y. Uniform Commercial Code Law § 2-A-503 Modification or Impairment of Rights and Remedies
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Section 2-A-503. Modification or Impairment of Rights and Remedies. (1) Except as otherwise provided in this Article, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this Article and may limit or alter the me…
N.Y. Uniform Commercial Code Law § 2-A-504 Liquidation of Damages
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Section 2-A-504. Liquidation of Damages. (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement…
N.Y. Uniform Commercial Code Law § 2-A-505 Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies
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Section 2-A-505. Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies. (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior defau…
N.Y. Uniform Commercial Code Law § 2-A-506 Statute of Limitations
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Section 2-A-506. Statute of Limitations. (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within four years after the cause of action accrued. In a lease contract that is not a consumer lease, by the original lease con…
N.Y. Uniform Commercial Code Law § 2-A-507 Proof of Market Rent: Time and Place
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Section 2-A-507. Proof of Market Rent: Time and Place. (1) Damages based on market rent (Section 2-A-519 or 2-A-528) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and …
N.Y. Uniform Commercial Code Law § 2-A-508 Lessee's Remedies
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Section 2-A-508. Lessee's Remedies. (1) If a lessor fails to deliver the goods in conformity to the lease contract (Section 2-A-509) or repudiates the lease contract (Section 2-A-402), or a lessee rightfully rejects the goods (Section 2-A-509) or justifiably revokes acceptance of…
N.Y. Uniform Commercial Code Law § 2-A-509 Lessee's Rights on Improper Delivery: Rightful Rejection
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Section 2-A-509. Lessee's Rights on Improper Delivery: Rightful Rejection. (1) Subject to the provisions of Section 2-A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may rejec…
N.Y. Uniform Commercial Code Law § 2-A-510 Installment Lease Contracts: Rejection and Default
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Section 2-A-510. Installment Lease Contracts: Rejection and Default. (1) Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a …
N.Y. Uniform Commercial Code Law § 2-A-511 Merchant Lessee's Duties as to Rightfully Rejected Goods
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Section 2-A-511. Merchant Lessee's Duties as to Rightfully Rejected Goods. (1) Subject to any security interest of a lessee (Section 2-A-508(5)), if a lessor or a supplier has no agent or place of business at the market of rejection, a merchant lessee, after rejection of goods in…
N.Y. Uniform Commercial Code Law § 2-A-512 Lessee's Duties as to Rightfully Rejected Goods
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Section 2-A-512. Lessee's Duties as to Rightfully Rejected Goods. (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (Section 2-A-511) and subject to any security interest of a lessee (Section 2-A-508(5)): (a) the lessee, after rejec…
N.Y. Uniform Commercial Code Law § 2-A-513 Cure by Lessor of Improper Tender or Delivery; Replacement
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Section 2-A-513. Cure by Lessor of Improper Tender or Delivery; Replacement. (1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee…
N.Y. Uniform Commercial Code Law § 2-A-514 Waiver of Lessee's Objections
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Section 2-A-514. Waiver of Lessee's Objections. (1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default: (a) if, stated seas…
N.Y. Uniform Commercial Code Law § 2-A-515 Acceptance of Goods
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Section 2-A-515. Acceptance of Goods. (1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are c…
N.Y. Uniform Commercial Code Law § 2-A-516 Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default After Acceptance; Notice of Claim or Litigation to Perso...
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Section 2-A-516. Effect of Acceptance of Goods; Notice of Default; Burden of Establishing Default After Acceptance; Notice of Claim or Litigation to Person Answerable Over. (1) A lessee must pay rent for any goods accepted in accordance with the lease contract, with due allowance…
N.Y. Uniform Commercial Code Law § 2-A-517 Revocation of Acceptance of Goods
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Section 2-A-517. Revocation of Acceptance of Goods. (1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has accepted it: (a) except in the case of a finance lease, on the reasonable assumpt…
N.Y. Uniform Commercial Code Law § 2-A-518 Cover; Substitute Goods
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Section 2-A-518. Cover; Substitute Goods. (1) After a default by a lessor under the lease contract of the type described in Section 2-A-508(1) or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or leas…
N.Y. Uniform Commercial Code Law § 2-A-519 Lessee's Damages for Non-delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods
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Section 2-A-519. Lessee's Damages for Non-delivery, Repudiation,\n Default, and Breach of Warranty in Regard to Accepted\n Goods.\n (1) Except as otherwise provided with respect to damages liquidated in\nthe lease agreement (Section 2-A-504) or otherwise determined pursuant\nto a…
N.Y. Uniform Commercial Code Law § 2-A-520 Lessee's Incidental and Consequential Damages
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Section 2-A-520. Lessee's Incidental and Consequential Damages. (1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which…
N.Y. Uniform Commercial Code Law § 2-A-521 Lessee's Right to Specific Performance or Replevin
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Section 2-A-521. Lessee's Right to Specific Performance or Replevin. (1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or…
N.Y. Uniform Commercial Code Law § 2-A-522 Lessee's Right to Goods on Lessor's Insolvency
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Section 2-A-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 (Section 2-A-217) on making and ke…
N.Y. Uniform Commercial Code Law § 2-A-523 Lessor's Remedies
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Section 2-A-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 …
N.Y. Uniform Commercial Code Law § 2-A-524 Lessor's Right to Identify Goods to Lease Contract
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Section 2-A-524. Lessor's Right to Identify Goods to Lease Contract. (1) After default by the lessee under the lease contract of the type described in Section 2-A-523 (1) or Section 2-A-523 (3)(a) or, if agreed, after other default by the lessee, the lessor may: (a) identify to t…
N.Y. Uniform Commercial Code Law § 2-A-525 Lessor's Right to Possession of Goods
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Section 2-A-525. Lessor's Right to Possession of Goods. (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee under the lease contract of the type described in Section 2-A-523(1) or 2-A-523(3)(a) or, if…
N.Y. Uniform Commercial Code Law § 2-A-526 Lessor's Stoppage of Delivery in Transit or Otherwise
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Section 2-A-526. Lessor's Stoppage of Delivery in Transit or Otherwise. (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload, or larger ship…
N.Y. Uniform Commercial Code Law § 2-A-527 Lessor's Rights to Dispose of Goods
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Section 2-A-527. Lessor's Rights to Dispose of Goods. (1) After a default by a lessee under the lease contract of the type described in Section 2-A-523(1) or 2-A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (Section 2-A-525 or 2-A-526), or, if agr…
N.Y. Uniform Commercial Code Law § 2-A-528 Lessor's Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default
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Section 2-A-528. Lessor's Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2-A-504) or otherwise determined pursuant to agreement of the parties (Sections…
N.Y. Uniform Commercial Code Law § 2-A-529 Lessor's Action for the Rent
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Section 2-A-529. Lessor's Action for the Rent. (1) After default by the lessee under the lease contract of the type described in Section 2-A-523(1) or 2-A-523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies with subsection (2), the lessor may recove…
N.Y. Uniform Commercial Code Law § 2-A-530 Lessor's Incidental Damages
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Section 2-A-530. Lessor's Incidental Damages. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee's default, in connection …
N.Y. Uniform Commercial Code Law § 2-A-531 Standing to Sue Third Parties for Injury to Goods
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Section 2-A-531. Standing to Sue Third Parties for Injury to Goods. (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (a) the lessor has a right of action against the third party, …
N.Y. Uniform Commercial Code Law § 2-A-532 Lessor's Rights to Residual Interest
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Section 2-A-532. Lessor's Rights to Residual Interest. In addition to any other recovery permitted by this Article or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor's residual interest in t…
N.Y. Uniform Commercial Code Law § 3-101 Short Title
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Section 3--101. Short Title. This Article shall be known and may be cited as Uniform Commercial Code--Commercial Paper.
N.Y. Uniform Commercial Code Law § 3-102 Definitions and Index of Definitions
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Section 3--102. Definitions and Index of Definitions. (1) In this Article unless the context otherwise requires (a) "Issue" means: (i) the first delivery of an instrument to a holder or a remitter; or (ii) if agreed by the payee, the first transmission by the drawer to the payee …
N.Y. Uniform Commercial Code Law § 3-103 Limitations on Scope of Article
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Section 3--103. Limitations on Scope of Article. (1) This Article does not apply to money, documents of title or investment securities. (2) The provisions of this Article are subject to the provisions of the Article on Bank Deposits and Collections (Article 4) and Secured Transac…
N.Y. Uniform Commercial Code Law § 3-104 Form of Negotiable Instruments; "Draft"; "Check"; "Certificate of Deposit"; "Note"
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Section 3--104. Form of Negotiable Instruments; "Draft"; "Check"; "Certificate of Deposit"; "Note". (1) Any writing to be a negotiable instrument within this Article must (a) be signed by the maker or drawer; and (b) contain an unconditional promise or order to pay a sum certain …
N.Y. Uniform Commercial Code Law § 3-105 When Promise or Order Unconditional
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Section 3--105. When Promise or Order Unconditional. (1) A promise or order otherwise unconditional is not made conditional by the fact that the instrument (a) is subject to implied or constructive conditions; or (b) states its consideration, whether performed or promised, or the…
N.Y. Uniform Commercial Code Law § 3-106 Sum Certain
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Section 3--106. Sum Certain.\n (1) The sum payable is a sum certain even though it is to be paid\n (a) with a stated rate of interest or by stated installments; or\n (b) with stated different rates of interest before and after\n default or a specified date; or\n (c) with a stated…
N.Y. Uniform Commercial Code Law § 3-107 Money
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Section 3--107. Money. (1) An instrument is payable in money if the medium of exchange in which it is payable is money at the time the instrument is made. An instrument payable in "currency" or "current funds" is payable in money. (2) A promise or order to pay a sum stated in a f…
N.Y. Uniform Commercial Code Law § 3-108 Payable on Demand
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Section 3--108. Payable on Demand. Instruments payable on demand include those payable at sight or on presentation and those in which no time for payment is stated.
N.Y. Uniform Commercial Code Law § 3-109 Definite Time
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Section 3--109. Definite Time. (1) An instrument is payable at a definite time if by its terms it is payable (a) on or before a stated date or at a fixed period after a stated date; or (b) at a fixed period after sight; or (c) at a definite time subject to any acceleration; or (d…
N.Y. Uniform Commercial Code Law § 3-110 Payable to Order
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Section 3--110. Payable to Order. (1) An instrument is payable to order when by its terms it is payable to the order or assigns of any person therein specified with reasonable certainty, or to him or his order, or when it is conspicuously designated on its face as "exchange" or t…
N.Y. Uniform Commercial Code Law § 3-111 Payable to Bearer
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Section 3--111. Payable to Bearer. An instrument is payable to bearer when by its terms it is payable to (a) bearer or the order of bearer; or (b) a specified person or bearer; or (c) "cash" or the order of "cash", or any other indication which does not purport to designate a spe…
N.Y. Uniform Commercial Code Law § 3-112 Terms and Omissions Not Affecting Negotiability
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Section 3--112. Terms and Omissions Not Affecting Negotiability. (1) The negotiability of an instrument is not affected by (a) the omission of a statement of any consideration or of the place where the instrument is drawn or payable; or (b) a statement that collateral has been gi…
N.Y. Uniform Commercial Code Law § 3-113 Seal
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Section 3--113. Seal. An instrument otherwise negotiable is within this Article even though it is under a seal.