Utah Statutes
§ 70A-2a-401 — Insecurity -- Adequate assurance of performance.
Utah·Title 70A Uniform Commercial Code·Ch. 70A-2a Uniform Commercial Code - Leases·Part 70A-2a-4 Obligation, Repudiation, Excused Performance
(1)A lease contract imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired.
(2)If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable, the insecure party may suspend any performance for which he has not already received the agreed return.
(3)A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time, not to exceed 30 days after receipt of a demand by the other party.
(4)Between merchants, the reasonable
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Utah § 70A-2a-401 (Insecurity -- Adequate assurance of performance.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Enacted by Chapter 197, 1990 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.