N.Y. Uniform Commercial Code Law § 2-a-505: Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies

Section 2-A-505. 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.

(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.

(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.

(4) Rights and remedies for material misrepresentation or fraud

include all rights and remedies available under this Article for

default.

(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.