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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

002A

:
Leases











 

§

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:

(a) for a

commercially reasonable time, await retraction of repudiation and performance

by the repudiating party;

(b) make demand

pursuant to section 2A-401 of this title and await assurance of future

performance adequate under the circumstances of the particular case; or

(c) 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 (§

2A-524). (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)