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-403
Retraction of Anticipatory Repudiation
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2-A, PART 4
Section 2-A-403. Retraction of Anticipatory Repudiation.

(1) Until the repudiating party's next performance is due, the
repudiating party can retract the repudiation unless, since the
repudiation, the aggrieved party has canceled the lease contract or
materially changed the aggrieved party's position or otherwise indicated
that the aggrieved party considers the repudiation final.

(2) Retraction may be by any method that clearly indicates to the
aggrieved party that the repudiating party intends to perform under the
lease contract and includes any assurance demanded under Section
2-A-401.

(3) Retraction reinstates a repudiating party's rights under a lease
contract with due excuse and allowance to the aggrieved party for any
delay occasioned by the repudiation.