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The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
002A
:
Leases
§
2A-510. Installment lease contracts: rejection and default
(1) Under an
installment lease contract a lessee may reject any delivery that is
nonconforming if the nonconformity substantially impairs the value of that
delivery and cannot be cured or the nonconformity is a defect in the required
documents; but if the nonconformity does not fall within subsection (2) of this
section and the lessor or the supplier gives adequate assurance of its cure,
the lessee must accept that delivery.
(2) Whenever
nonconformity or default with respect to one or more deliveries substantially
impairs the value of the installment lease contract as a whole there is a
default with respect to the whole. But, the aggrieved party reinstates the
installment lease contract as a whole if the aggrieved party accepts a
nonconforming delivery without seasonably notifying of cancellation or brings
an action with respect only to past deliveries or demands performance as to
future deliveries. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)