Illinois § 2A-523 Lessor's remedies

Illinois Statutes

§ 2A-523 — Lessor's remedies

Illinois § 2A-523

JurisdictionIllinois

TopicBUSINESS AND EMPLOYMENT

Ch. 810COMMERCIAL CODE

Act 810 ILCS 5/Uniform Commercial Code.

Art.Article 2A - Leases

This text of Illinois § 2A-523 (Lessor's remedies) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

810 Ill. Comp. Stat. 2A-523 (2026).

Text

(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 installment lease contract the value of the whole lease contract is substantially impaired (Section 2A-510), the lessee is in default under the lease contract and the lessor may:

(a)cancel the lease contract (Section 2A-505(1));

(b)proceed respecting goods not identified to the lease contract (Section 2A-524);

(c)withhold delivery of the goods and take possession of goods previously delivered (Section 2A-525);

(d)stop delivery of the goods by any bailee (Section 2A-526);

(e)dispose of the goods and recover damages (Section 2A-527), or retain the

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(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 installment lease contract the value of the whole lease contract is substantially impaired (Section 2A-510), the lessee is in default under the lease contract and the lessor may: (a) cancel the lease contract (Section 2A-505(1)); (b) proceed respecting goods not identified to the lease contract (Section 2A-524); (c) withhold delivery of the goods and take possession of goods previously delivered (Section 2A-525); (d) stop delivery of the goods by any bailee (Section 2A-526); (e) dispose of the goods and recover damages (Section 2A-527), or retain the goods and recover damages (Section 2A-528), or in a proper case recover rent (Section 2A-529); (f) exercise any other rights or pursue any other remedies provided in the lease contract. (2) If a lessor does not fully exercise a right or obtain a remedy to which the lessor is entitled under subsection (1), the lessor may recover the loss resulting in the ordinary course of events from the lessee's default as determined in any reasonable manner, together with incidental damages, less expenses saved in consequence of the lessee's default. (3) If a lessee is otherwise in default under a lease contract, the lessor may exercise the rights and pursue the remedies provided in the lease contract, which may include a right to cancel the lease. In addition, unless otherwise provided in the lease contract: (a) if the default substantially impairs the value of the lease contract to the lessor, the lessor may exercise the rights and pursue the remedies provided in subsections (1) or (2); or (b) if the default does not substantially impair the value of the lease contract to the lessor, the lessor may recover as provided in subsection (2).