§2-1505. Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies
(1). On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance.
[PL 1991, c. 805, §4 (NEW).]
(2). On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.
[PL 1991, c. 805, §4 (NEW).]
(3). Unless the contrary intention clearly appears, expressions of "cancellation," "rescission" or the like, of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.
[PL 1991, c. 805, §4 (NEW).]
(4). Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this Article for default.
[PL 1991, c. 805, §4 (NEW).]
(5). Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
11 §2-1501. Default; procedure
11 §2-1502. Notice after default
11 §2-1503. Modification or impairment of rights and remedies
11 §2-1504. Liquidation of damages
11 §2-1506. Statute of limitations
11 §2-1507. Proof of market rent; time and place
11 §2-1509. Lessee's rights on improper delivery; rightful rejection
11 §2-1510. Installment lease contracts; rejection and default
11 §2-1511. Merchant lessee's duties as to rightfully rejected goods
11 §2-1512. Lessee's duties as to rightfully rejected goods
11 §2-1513. Cure by lessor of improper tender or delivery; replacement
11 §2-1514. Waiver of lessee's objections
11 §2-1515. Acceptance of goods
11 §2-1517. Revocation of acceptance of goods
11 §2-1518. Cover; substitute goods
11 §2-1520. Lessee's incidental and consequential damages
11 §2-1521. Lessee's right to specific performance or replevin
11 §2-1522. Lessee's right to goods on lessor's insolvency
11 §2-1524. Lessor's right to identify goods to lease contract
11 §2-1525. Lessor's right to possession of goods
11 §2-1526. Lessor's stoppage of delivery in transit or otherwise
11 §2-1527. Lessor's rights to dispose of goods
11 §2-1528. Lessor's damages for nonacceptance, failure to pay, repudiation or other default
11 §2-1529. Lessor's action for the rent
11 §2-1530. Lessor's incidental damages
11 §2-1531. Standing to sue third parties for injury to goods