Sec. 38.05.103. Rights of holder of security interest.
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Sec. 38.05.103. Rights of holder of security interest.
(a)If there is a breach or default of a term of a lease or of the provisions of this chapter relating to a lease, the division shall provide written notice of the breach or default by personal service or by registered or certified mail to the lessee and to any holder of record having a security interest in the leased property. The notice shall also make demand upon the lessee to cure or remedy the breach or default within 60 days from the date of receipt of the notice and demand. If a lessee fails to cure or remedy the breach or default within 60 days, or within the additional time which the division may allow for good cause, the state may, subject to
(b)of this section, exercise any right which it may have at law or as set out in the lease.
(b)If a lessee fails to cure or remedy a breach or default within the time allowed in
(a)of this section, a holder of a security interest who has received notice under
(a)of this section may cure or remedy the breach or default if the breach or default can be cured by the payment of money or, if this cannot be done, by performing or undertaking in writing to perform the terms, covenants, restrictions and conditions of the lease capable of performance by the holder. The holder shall act within 60 days from the date of receipt of notice under
(a)of this section, or within an additional period as the director may allow for good cause.