Section 404 – Substituted performance.
70A-2a-404. Substituted performance. (1) If without fault of the lessee, the lessor and the supplier, the agreed berthing, loading, or unloading facilities fail or the agreed type of carrier becomes unavailable or the agreed manner of delivery otherwise becomes commercially impracticable, but a commercially reasonable substitute is available, the substitute performance must be tendered and […]
Section 405 – Excused performance.
70A-2a-405. Excused performance. Subject to Section 70A-2a-404 on substituted performance, the following rules apply: (1) Delay in delivery or nondelivery in whole or in part by a lessor or a supplier who complies with Subsections (2) and (3) is not a default under the lease contract if performance as agreed has been made impracticable by […]
Section 406 – Procedure on excused performance.
70A-2a-406. Procedure on 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 […]
Section 407 – Irrevocable promises — Finance leases.
70A-2a-407. Irrevocable promises — Finance leases. (1) In the case of a finance lease that is not a consumer lease, the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods. (2) A promise that has become irrevocable and independent under Subsection (1): (a) is effective and enforceable […]
Section 501 – Default — Procedure.
70A-2a-501. Default — Procedure. (1) Whether the lessor or the lessee is in default under a lease contract is determined by the lease agreement and this chapter. (2) If the lessor or the lessee is in default under the lease contract, the party seeking enforcement has rights and remedies as provided in this chapter and, […]
Section 502 – Notice after default.
70A-2a-502. Notice after default. Except as otherwise provided in this chapter or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. Enacted by Chapter 197, 1990 General Session
Section 503 – Modification or impairment of rights and remedies.
70A-2a-503. Modification or impairment of rights and remedies. (1) Except as otherwise provided in this chapter, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this chapter and may limit or alter the measure of damages recoverable under this chapter. (2) Resort to a […]
Section 504 – Liquidation of damages.
70A-2a-504. Liquidation of damages. (1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor’s residual interest, may be liquidated in the lease agreement, but only at an amount or by a formula that is reasonable […]
Section 505 – Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies.
70A-2a-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies. (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of […]
Section 402 – Anticipatory repudiation.
70A-2a-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 […]