2-A-510 - Installment Lease Contracts: Rejection and Default. - New-york Statutes

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Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-510

Section 2-A-510. Installment Lease Contracts: Rejection and Default.    (1)  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 (2) and the lessor or the  supplier gives adequate assurance of its cure, the  lessee  must  accept  that delivery.    (2)  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.

State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-510

Section 2-A-510. Installment Lease Contracts: Rejection and Default.    (1)  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 (2) and the lessor or the  supplier gives adequate assurance of its cure, the  lessee  must  accept  that delivery.    (2)  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.

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State Codes and Statutes

Statutes > New-york > Ucc > Article-2-a > Part-5 > 2-a-510

Section 2-A-510. Installment Lease Contracts: Rejection and Default.    (1)  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 (2) and the lessor or the  supplier gives adequate assurance of its cure, the  lessee  must  accept  that delivery.    (2)  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.