Arkansas § 4-2a-406 Procedure on excused performance

Arkansas Statutes

§ 4-2a-406 — Procedure on excused performance

Arkansas § 4-2a-406

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This text of Arkansas § 4-2a-406 (Procedure on excused performance) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 4-2a-406 (2026).

Text

(1)If the lessee receives notification of a material or indefinite delay or an allocation justified under § 4-2A-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 (§ 4-2A-510 ):

(a)terminate the lease contract (§ 4-2A-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 § 4-2A-405 , the lessee fails so to modify the lease a

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(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under § 4-2A-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 (§ 4-2A-510 ): (a) terminate the lease contract (§ 4-2A-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 § 4-2A-405 , the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty (30) days, the lease contract lapses with respect to any deliveries affected.