2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.2A-406 PROCEDURE ON EXCUSED PERFORMANCE.
336.2A-406 PROCEDURE ON EXCUSED PERFORMANCE.
(1) If the lessee receives notification of a material or indefinite delay or an allocation justified
under section
336.2A-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 (section
336.2A-510):
(a) terminate the lease contract (section
336.2A-505(2)); 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 section
336.2A-405, 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.
History: 1989 c 232 art 1 s 2A-406
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