(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));
(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.