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New Jersey Statutes - Title 12A Commercial Transactions - 12A:2A-406 Procedure on excused performance
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New Jersey Laws > Commercial Transactions > New Jersey Statutes - Title 12A Commercial Transactions - 12A:2A-406 Procedure on excused performance
12A:2A-406. Procedure on excused performance
12A:2A-406. Procedure on excused performance.
(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under 12A:2A-405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (12A:2A-510):
(a) terminate the lease contract (12A:2A-505(2)); or
(b) except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
(2) If, after receipt of a notification from the lessor under 12A:2A-405, the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected.
L.1994,c.114,s.1.
Sections: 2a-310 2a-311 2a-401 2a-402 2a-403 2a-404 2a-405 2a-406 2a-407 2a-501 2a-502 2a-503 2a-504 2a-505 2a-506
Last modified: February 13, 2012
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