Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 2-A-402
Anticipatory Repudiation
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2-A, PART 4
Section 2-A-402. Anticipatory Repudiation.

If either party repudiates a lease contract with respect to a
performance not yet due under the lease contract, the loss of which
performance will substantially impair the value of the lease contract to
the other, the aggrieved party may:

(1) for a commercially reasonable time, await retraction of
repudiation and performance by the repudiating party;

(2) make demand pursuant to Section 2-A-401 and await assurance of
future performance adequate under the circumstances of the particular
case; or

(3) resort to any right or remedy upon default under the lease
contract or this Article, even though the aggrieved party has notified
the repudiating party that the aggrieved party would await the
repudiating party's performance and assurance and has urged retraction.
In addition, whether or not the aggrieved party is pursuing one of the
foregoing remedies, the aggrieved party may suspend performance or, if
the aggrieved party is the lessor, proceed in accordance with the
provisions of this Article on the lessor's right to identify goods to
the lease contract notwithstanding default or to salvage unfinished
goods (Section 2-A-524).