(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 as provided under ORS 72A.5100 (Installment lease contracts), the lessee is in default under the lease contract and the lessor may:
(a) Cancel the lease contract as provided in ORS 72A.5050 (Cancellation and termination and effect of cancellation, termination, rescission or fraud on rights and remedies);
(b) Proceed respecting goods not identified to the lease contract as provided in ORS 72A.5240 (Lessor's right to identify goods to lease contract);
(c) Withhold delivery of the goods and take possession of goods previously delivered as provided in ORS 72A.5250 (Lessor's right to possession of goods);
(d) Stop delivery of the goods by any bailee as provided in ORS 72A.5260 (Lessor's stoppage of delivery in transit or otherwise);
(e) Dispose of the goods and recover damages as provided in ORS 72A.5270 (Lessor's rights to dispose of goods), retain the goods and recover damages as provided in ORS 72A.5280 (Lessor's damages for default), or in a proper case recover rent as provided in ORS 72A.5290 (Lessor's action for the rent); or
(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) of this section, 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 subsection (1) or (2) of this section; 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) of this section. [1989 c.676 §70; 1993 c.646 §15; 1995 c.79 §22]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information