Idaho § 28-12-406 PROCEDURE ON EXCUSED PERFORMANCE

Idaho Statutes

§ 28-12-406 — PROCEDURE ON EXCUSED PERFORMANCE

Idaho·Title 28 COMMERCIAL TRANSACTIONS·Part 4. PERFORMANCE OF LEASE CONTRACT — REPUDIATED, SUBSTITUTED AND EXCUSED·Ch. 12 UNIFORM COMMERCIAL CODE — LEASES

(1)If the lessee receives notification of a material or indefinite delay or an allocation justified under the provisions of section 28-12-405, 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 28-12-510):

(a)Terminate the lease contract (section 28-12-505 (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 the provisions of

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(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under the provisions of section 28-12-405, 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 28-12-510):
(a) Terminate the lease contract (section 28-12-505 (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 the provisions of section 28-12-405, 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.

Idaho § 28-12-406 (PROCEDURE ON EXCUSED PERFORMANCE) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.