South Dakota Codified Laws 57A-2A-523. Lessor’s rights
(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 (§ 57A-2A-510), the lessee is in default under the lease contract and the lessor may:
(a) Cancel the lease contract (§ 57A-2A-505(1));
Terms Used In South Dakota Codified Laws 57A-2A-523
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See South Dakota Codified Laws 57A-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See South Dakota Codified Laws 57A-2A-103
- Lease contract: means the total legal obligation that results from the lease agreement as affected by this chapter and any other applicable rules of law. See South Dakota Codified Laws 57A-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See South Dakota Codified Laws 57A-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See South Dakota Codified Laws 57A-2A-103
(b) Proceed respecting goods not identified to the lease contract (§ 57A-2A-524);
(c) Withhold delivery of the goods and take possession of goods previously delivered (§ 57A-2A-525);
(d) Stop delivery of the goods by any bailee (§ 57A-2A-526);
(e) Dispose of the goods and recover damages (§ 57A-2A-527), or retain the goods and recover damages (§ 57A-2A-528), or in a proper case recover rent (§ 57A-2A-529).
(2) If a lessee is otherwise in default under a lease contract, the lessor may exercise any right or remedy provided in this chapter except to the extent that this chapter makes the right or remedy available only upon the occurrence of a default in subsection (1) of this section.
Source: SL 1989, ch 419, § 1; SL 1990, ch 390, § 22.