400.2A-510. Installment lease contracts--rejection and default. - Missouri Statutes

Installment lease contracts--rejection and default.

400.2A-510. (1) Under an installment lease contract alessee may reject any delivery that is nonconforming if thenonconformity substantially impairs the value of that deliveryand cannot be cured or the nonconformity is a defect in therequired documents; but if the nonconformity does not fall withinsubsection (2) and the lessor or the supplier gives adequateassurance of its cure, the lessee must accept that delivery.

(2) Whenever nonconformity or default with respect to oneor more deliveries substantially impairs the value of theinstallment lease contract as a whole there is a default withrespect to the whole. But, the aggrieved party reinstates theinstallment lease contract as a whole if the aggrieved partyaccepts a nonconforming delivery without seasonably notifying ofcancellation or brings an action with respect only to pastdeliveries or demands performance as to future deliveries.

(L. 1992 S.B. 448)