New York § 2-A-503 Modification or Impairment of Rights and Remedies

New York Statutes

§ 2-A-503 — Modification or Impairment of Rights and Remedies

New York § 2-A-503

Law UCCUniform Commercial Code

Part 5Default a In General B Default By Lessor C Default By Lessee

Art. 2-ALeases

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Bluebook

N.Y. Uniform Commercial Code § 2-A-503 (2026).

Text

Section 2-A-503. Modification or Impairment of Rights and Remedies.\n  (1) Except as otherwise provided in this Article, the lease agreement\nmay include rights and remedies for default in addition to or in\nsubstitution for those provided in this Article and may limit or alter\nthe measure of damages recoverable under this Article.\n  (2) Resort to a remedy provided under this Article or in the lease\nagreement is optional unless the remedy is expressly agreed to be\nexclusive. If circumstances cause an exclusive or limited remedy to fail\nof its essential purpose, or provision for an exclusive remedy is\nunconscionable, remedy may be had as provided in this Article.\n  (3) Consequential damages may be liquidated under Section 2-A-504, or\nmay otherwise be limited, altered, or excluded un

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Section 2-A-503. Modification or Impairment of Rights and Remedies.\n (1) Except as otherwise provided in this Article, the lease agreement\nmay include rights and remedies for default in addition to or in\nsubstitution for those provided in this Article and may limit or alter\nthe measure of damages recoverable under this Article.\n (2) Resort to a remedy provided under this Article or in the lease\nagreement is optional unless the remedy is expressly agreed to be\nexclusive. If circumstances cause an exclusive or limited remedy to fail\nof its essential purpose, or provision for an exclusive remedy is\nunconscionable, remedy may be had as provided in this Article.\n (3) Consequential damages may be liquidated under Section 2-A-504, or\nmay otherwise be limited, altered, or excluded unless the limitation,\nalteration, or exclusion is unconscionable. Limitation, alteration, or\nexclusion of consequential damages for injury to the person in the case\nof consumer goods is prima facie unconscionable but limitation,\nalteration, or exclusion of damages where the loss is commercial is not\nprima facie unconscionable.\n (4) Rights and remedies on default by the lessor or the lessee with\nrespect to any obligation or promise collateral or ancillary to the\nlease contract are not impaired by this Article.\n