New York § 2-A-510 Installment Lease Contracts: Rejection and Default

New York Statutes

§ 2-A-510 — Installment Lease Contracts: Rejection and Default

New York § 2-A-510

Law UCCUniform Commercial Code

Part 5Default a In General B Default By Lessor C Default By Lessee

Art. 2-ALeases

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Bluebook

N.Y. Uniform Commercial Code § 2-A-510 (2026).

Text

Section 2-A-510. Installment Lease Contracts: Rejection and Default.\n  (1) Under an installment lease contract a lessee may reject any\ndelivery that is nonconforming if the nonconformity substantially\nimpairs the value of that delivery and cannot be cured or the\nnonconformity is a defect in the required documents; but if the\nnonconformity does not fall within subsection (2) and the lessor or the\nsupplier gives adequate assurance of its cure, the lessee must accept\nthat delivery.\n  (2) Whenever nonconformity or default with respect to one or more\ndeliveries substantially impairs the value of the installment lease\ncontract as a whole there is a default with respect to the whole. But,\nthe aggrieved party reinstates the installment lease contract as a whole\nif the aggrieved party a

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Section 2-A-510. Installment Lease Contracts: Rejection and Default.\n (1) Under an installment lease contract a lessee may reject any\ndelivery that is nonconforming if the nonconformity substantially\nimpairs the value of that delivery and cannot be cured or the\nnonconformity is a defect in the required documents; but if the\nnonconformity does not fall within subsection (2) and the lessor or the\nsupplier gives adequate assurance of its cure, the lessee must accept\nthat delivery.\n (2) Whenever nonconformity or default with respect to one or more\ndeliveries substantially impairs the value of the installment lease\ncontract as a whole there is a default with respect to the whole. But,\nthe aggrieved party reinstates the installment lease contract as a whole\nif the aggrieved party accepts a nonconforming delivery without\nseasonably notifying of cancellation or brings an action with respect\nonly to past deliveries or demands performance as to future deliveries.\n