Section 45.12.505. Cancellation and termination, and effect of cancellation, termination, rescission, or fraud on rights and remedies.

   (a) 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 a remedy for default of the whole lease contract or an unperformed balance.
   (b) On termination of the lease contract, all obligations that are still executory on both sides are discharged but a right based on prior default or performance survives.
   (c) 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 a claim in damages for an antecedent default.
   (d) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under this chapter for default.
   (e) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods bars or is inconsistent with a claim for damages or other right or remedy.

Authorities

45.12.406;45.12.508;45.12.523

Notes

References

AS 45.12.406 Procedure on excused performance.
AS 45.12.508 Lessee's remedies.
AS 45.12.523 Lessor's remedies.

History

(Sec. 125 ch 35 SLA 1993)