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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 2A. · Article 2A. LEASES · Part 5. DEFAULT

11-2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (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 canceling party also retains any remedy for default of the whole lease contract or any unperformed balance.#

  2. (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. (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. (4)

    Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this article for default.#

  5. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-2A-505, enacted by Ga. L. 1993, p. 633, § 1; Ga. L. 2002, p. 415, § 11.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, pages 309 to 310; merge action: carried; file SHA-256 ad397fccbf21.