§ 26-1-2.1-402 — Anticipatory repudiation

Indiana § 26-1-2.1-402

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2.1: 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 IC 26-1-2.1-401 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 IC 26-1-2.1, 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 IC 26-1-2.1 on the
lessor's right to identify goods to the lease contract
notwithstanding default or to salvage unfinished goods (IC 26-1-2.1-524).

Legislative History

As added by P.L.189-1991, SEC.3.