§ 4-2.5-501 — Default: Procedure

Colorado § 4-2.5-501

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Leases

Text

(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 and remedies as provided in this article and, except
as limited by this article, 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 article.

(4) Except as otherwise provided in section 4-1-305 (a) or this article or the
lease agreement, the rights and remedies referred to in subsections (2) and (3) of
this section are cumulative.

(5) If the lease agreement covers both real property and goods, the party
seeking enforcement may proceed under this part 5 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 part 5
does not apply.

Legislative History

Source: L. 91: Entire article added, p. 300, � 1, effective July 1, 1992. L. 2006: (4) amended, p. 493, � 17, effective September 1.