Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsDefault by lessees
| 20. Where a lessee fails to comply with certain terms and conditions of the finance lease in such circumstances as would amount to a substantial failure of such lease, the lessor may subject to the provisions of section 21- (a) require the lessee to make accelerated payment of the monies due under the lease, where the lease so provides ; or (b) where a lessee fails to make accelerated payments as required under paragraph (a), terminate the finance lease and- (i) recover possession of the equipment provided ; and (ii) recover such damages as would place the lessor in a position the lessor would have been if the lessee had complied with the provisions of the finance lease in accordance with its terms and conditions. |