2-A-406 - Procedure on Excused Performance. - New-york Statutes

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Statutes > New-york > Ucc > Article-2-a > Part-4 > 2-a-406

Section 2-A-406. Procedure on Excused Performance.    (1)  If  the  lessee receives notification of a material or indefinite  delay or an allocation justified under Section 2-A-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  (Section  2-A-510):         (a) terminate the lease contract (Section 2-A-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  Section  2-A-405,  the  lessee  fails  so  to modify the lease agreement within a  reasonable time not exceeding thirty days,  the  lease  contract  lapses  with respect to any deliveries affected.

State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-4 > 2-a-406

Section 2-A-406. Procedure on Excused Performance.    (1)  If  the  lessee receives notification of a material or indefinite  delay or an allocation justified under Section 2-A-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  (Section  2-A-510):         (a) terminate the lease contract (Section 2-A-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  Section  2-A-405,  the  lessee  fails  so  to modify the lease agreement within a  reasonable time not exceeding thirty days,  the  lease  contract  lapses  with respect to any deliveries affected.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-4 > 2-a-406

Section 2-A-406. Procedure on Excused Performance.    (1)  If  the  lessee receives notification of a material or indefinite  delay or an allocation justified under Section 2-A-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  (Section  2-A-510):         (a) terminate the lease contract (Section 2-A-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  Section  2-A-405,  the  lessee  fails  so  to modify the lease agreement within a  reasonable time not exceeding thirty days,  the  lease  contract  lapses  with respect to any deliveries affected.