Arizona Laws 47-2A501. Default; procedure
A. Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this chapter.
Terms Used In Arizona Laws 47-2A501
- Contract: A legal written agreement that becomes binding when signed.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 47-2A309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See Arizona Laws 47-2A103
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Arizona Laws 47-2A103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See Arizona Laws 47-2A103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See Arizona Laws 47-2A103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Arizona Laws 47-2A103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Arizona Laws 47-2A103
- Property: includes both real and personal property. See Arizona Laws 1-215
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. 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.
C. 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 article.
D. Except as otherwise provided in section 47-1305, subsection A or this chapter or the lease agreement, the rights and remedies referred to in subsections B and C of this section are cumulative.
E. If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this article 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 article does not apply.