§ 4-2.5-402 — Anticipatory repudiation

Colorado § 4-2.5-402

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Leases

Text

If either party repudiates a lease
contract with respect to a performance not yet due under the lease contract, the
loss of which performance will substantially impair the value of the lease contract
to the other, the aggrieved party may:

(a) For a commercially reasonable time, await retraction of repudiation and
performance by the repudiating party;

(b) Make demand pursuant to section 4-2.5-401 and await assurance of
future performance adequate under the circumstances of the particular case; or

(c) Resort to any right or remedy upon default under the lease contract or
this article, even though the aggrieved party has notified the repudiating party that
the aggrieved party would await the repudiating party's performance and
assurance and has urged retraction. In addition, whether or not the aggrieved party
is pursuing one of the foregoing remedies, the aggrieved party may suspend
performance or, if the aggrieved party is the lessor, proceed in accordance with the
provisions of this article on the lessor's right to identify goods to the lease contract
notwithstanding default or to salvage unfinished goods (section 4-2.5-524).

Legislative History

Source: L. 91: Entire article added, p. 297, � 1, effective July 1, 1992.