Section 2A-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 default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance. (2) On termination of the lease contract, all obligations that […]
Section 2A-506 – Statute of Limitations
(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. (2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by […]