Oregon § 72A.4060 Procedure on excused performance

Oregon Statutes

§ 72A.4060 — Procedure on excused performance

Oregon § 72A.4060

Vol.2

Title 8Commercial Transactions

Ch. 072ALeases

This text of Oregon § 72A.4060 (Procedure on excused performance) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 72A.4060 (2026).

Text

(1)If the lessee receives notification of a material or indefinite delay or an allocation justified under ORS 72A.4050, 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 as provided under ORS 72A.5100:

(a)Terminate the lease contract under ORS 72A.5050; or

(b)Except in a finance 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 ORS 72A.4050, the lessee fails so to modify the lease agreement

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(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under ORS 72A.4050, 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 as provided under ORS 72A.5100:
(a) Terminate the lease contract under ORS 72A.5050; or
(b) Except in a finance 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 ORS 72A.4050, the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected.