§2A-510. Installment lease contracts: rejection and default

Link to law: http://legislature.vermont.gov/statutes/section/09A/002A/00510
Published: 2015

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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.)
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