47-2A510. Installment lease contracts; rejection and default
A. 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 B and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery.
B. 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.
Section: Previous 47-2a503 47-2a504 47-2a505 47-2a506 47-2a507 47-2a508 47-2a509 47-2a510 47-2a511 47-2a512 47-2a513 47-2a514 47-2a515 47-2a516 47-2a517 NextLast modified: October 13, 2016