2006 New York Code - Installment Lease Contracts

 
  Section 2-A-510. Installment Lease Contracts: Rejection and Default.
    (1)  Under  an  installment  lease  contract  a  lessee may reject any
  delivery  that  is  nonconforming  if  the  nonconformity  substantially
  impairs  the  value  of  that  delivery  and  cannot  be  cured  or  the
  nonconformity is  a  defect  in  the  required  documents;  but  if  the
  nonconformity  does not fall within subsection (2) and the lessor or the
  supplier gives adequate assurance of its cure, the  lessee  must  accept
  that delivery.
    (2)  Whenever  nonconformity  or  default  with respect to one or more
  deliveries substantially impairs the  value  of  the  installment  lease
  contract  as  a whole there is a default with respect to the whole. But,
  the aggrieved party reinstates the installment lease contract as a whole
  if  the  aggrieved  party  accepts  a  nonconforming  delivery   without
  seasonably  notifying  of  cancellation or brings an action with respect
  only to past deliveries or demands performance as to future deliveries.