North Dakota § 41-02.1-47 (2A-406) Procedure on excused performance

North Dakota Statutes

§ 41-02.1-47 — (2A-406) Procedure on excused performance

North Dakota § 41-02.1-47

Title 41Uniform Commercial Code

Ch. 41-02.1Leases

This text of North Dakota § 41-02.1-47 ((2A-406) Procedure on excused performance) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 41-02.1-47 (2026).

Text

1.If the lessee receives notification of a material or indefinite delay or an allocation justified under section 41-02.1-46, 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 41-02.1-58), either:

a.Terminate the lease contract (subsection 2 of section 41-02.1-53).

b.Except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quote 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 section 41-02.1-46,

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1. If the lessee receives notification of a material or indefinite delay or an allocation
justified under section 41-02.1-46, 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
41-02.1-58), either:
a. Terminate the lease contract (subsection 2 of section 41-02.1-53).
b. Except in a finance lease that is not a consumer lease, modify the lease contract
by accepting the available quote 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 section 41-02.1-46, the lessee
fails so to modify the lease agreement within a reasonable time not exceeding thirty
days, the lease contract lapses with respect to any deliveries affected.