New Jersey § 12a:2a-523
Full text of New Jersey New Jersey Statutes § 12a:2a-523, with citation guidance and answers to common questions.
§ 12a:2a-523.
(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 (12A:2A-510),
the lessee is in default under the lease contract and the lessor may: (a) cancel the lease contract (12A:2A-505(1)); (b) proceed respecting goods not identified to the lease contract (12A:2A-524); (c) withhold delivery of the goods and take possession of goods previously delivered
(12A:2A-525); (d) stop delivery of the goods by any bailee (12A:2A-526); (e) dispose of the goods and recover damages (12A:2A-527), or retain the goods and
recover damages (12A:2A-528), or in a proper case recover rent (12A: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).
Frequently Asked Questions About New Jersey § 12a:2a-523
What does New Jersey Statutes § 12a:2a-523 cover?
Section 12a:2a-523 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 12a:2a-523?
A common citation format is "New Jersey Statutes § 12a:2a-523" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:2a-523 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.