N.Y. UCC Law § 2-A-523

Section 2-A-523. Lessor's Remedies.\n (1) If a lessee wrongfully rejects or revokes acceptance of goods or\nfails to make a payment when due or repudiates with respect to a part or\nthe whole, then, with respect to any goods involved, and with respect to\nall of the goods if under an installment lease contract the value of the\nwhole lease contract is substantially impaired (Section 2-A-510), the\nlessee is in default under the lease contract and the lessor may:\n (a) cancel the lease contract (Section 2-A-505 (1));\n (b) proceed respecting goods not identified to the lease contract\n(Section 2-A-524);\n (c) withhold delivery of the goods and take possession of goods\npreviously delivered (Section 2-A-525);\n (d) stop delivery of the goods by any bailee (Section 2-A-526);\n (e) dispose of the goods and recover damages (Section 2-A-527), or\nretain the goods and recover damages (Section 2-A-528), or in a proper\ncase recover rent (Section 2-A-529);\n (f) exercise any other rights or pursue any other remedies provided in\nthe lease contract.\n (2) If a lessor does not fully exercise a right or obtain a remedy to\nwhich the lessor is entitled under subsection (1), the lessor may\nrecover the loss resulting in the ordinary course of events from the\nlessee's default as determined in any reasonable manner, together with\nincidental damages, less expenses saved in consequence of the lessee's\ndefault.\n (3) If a lessee is otherwise in default under a lease contract, the\nlessor may exercise the rights and pursue the remedies provided in the\nlease contract, which may include a right to cancel the lease. In\naddition, unless otherwise provided in the lease contract:\n (a) if the default substantially impairs the value of the lease\ncontract to the lessor, the lessor may exercise the rights and pursue\nthe remedies provided under subsection (1) or (2); or\n (b) if the default does not substantially impair the value of the\nlease contract to the lessor, the lessor may recover as provided in\nsubsection (2).\n