| (1) |
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 Utah Code 70A-2a-501
- 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. See Utah Code 70A-2a-103
- Lease: means a transfer of the right to possession and use of goods for a term, in return for consideration. See Utah Code 70A-2a-103
- 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 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 Utah Code 70A-2a-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
- Person: means :Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- real property: includes :Utah Code 68-3-12.5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
| (2) |
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. |
| (3) |
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 chapter. |
| (4) |
Except as otherwise provided in Subsection 70A-1a-305(1), in this chapter, or in the lease agreement, the rights and remedies referred to in Subsections (2) and (3) are cumulative. |
| (5) |
If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this section as to the goods, or under other applicable law as to both the real property and the goods in accordance with that person‘s rights and remedies in respect of the real property, in which case this section does not apply. |
Amended by Chapter 272, 2007 General Session
