N.Y. UCC Law § 2-A-505

Section 2-A-505. Cancellation and Termination and Effect of\n Cancellation, Termination, Rescission, or Fraud on\n Rights and Remedies.\n (1) On cancellation of the lease contract, all obligations that are\nstill executory on both sides are discharged, but any right based on\nprior default or performance survives, and the cancelling party also\nretains any remedy for default of the whole lease contract or any\nunperformed balance.\n (2) On termination of the lease contract, all obligations that are\nstill executory on both sides are discharged but any right based on\nprior default or performance survives.\n (3) Unless the contrary intention clearly appears, expressions of\n"cancellation," "rescission," or the like of the lease contract may not\nbe construed as a renunciation or discharge of any claim in damages for\nan antecedent default.\n (4) Rights and remedies for material misrepresentation or fraud\ninclude all rights and remedies available under this Article for\ndefault.\n (5) Neither rescission nor a claim for rescission of the lease\ncontract nor rejection or return of the goods may bar or be deemed\ninconsistent with a claim for damages or other right or remedy.\n