2006 New York Code - Repudiated, Substituted And Excused



 
  Section 2-A-402. Anticipatory Repudiation.
    If  either  party  repudiates  a  lease  contract  with  respect  to a
  performance not yet due under the lease  contract,  the  loss  of  which
  performance will substantially impair the value of the lease contract to
  the other, the aggrieved party may:
    (1)   for   a   commercially  reasonable  time,  await  retraction  of
  repudiation and performance by the repudiating party;
    (2) make demand pursuant to Section 2-A-401  and  await  assurance  of
  future  performance  adequate  under the circumstances of the particular
  case; or
    (3) resort to any  right  or  remedy  upon  default  under  the  lease
  contract  or  this Article, even though the aggrieved party has notified
  the  repudiating  party  that  the  aggrieved  party  would  await   the
  repudiating  party's performance and assurance and has urged retraction.
  In addition, whether or not the aggrieved party is pursuing one  of  the
  foregoing  remedies,  the aggrieved party may suspend performance or, if
  the aggrieved party is  the  lessor,  proceed  in  accordance  with  the
  provisions  of  this  Article on the lessor's right to identify goods to
  the lease contract notwithstanding  default  or  to  salvage  unfinished
  goods (Section 2-A-524).

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