Utah Statutes
§ 70A-2a-406 — Procedure on excused performance.
Utah·Title 70A Uniform Commercial Code·Ch. 70A-2a Uniform Commercial Code - Leases·Part 70A-2a-4 Obligation, Repudiation, Excused Performance
(1)If the lessee receives notification of a material or indefinite delay or an allocation justified under Section 70A-2a-405, 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 in Section 70A-2a-510:
(1)(a) terminate the lease contract as provided in Subsection 70A-2a-505(2); or
(1)(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 Section 70A-2a-405, the le
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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Laws not repealed.§ 70A-1a-101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.