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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

002A

:
Leases











 

§

2A-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

cancelled 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 2A-401 of this title.

(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. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)