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§490:2A-402  Anticipatory repudiation


Published: 2015

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     §490:2A-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 490:2A-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 490:2A-524). [L 1991, c 40, pt

of §1]