§ 25-2A-402. Anticipatory repudiation. - North Carolina Statutes

§25‑2A‑402.  Anticipatory repudiation.

If either party repudiates alease contract with respect to a performance not yet due under the leasecontract, the loss of which performance will substantially impair the value ofthe lease contract to the other, the aggrieved party may:

(a)        for a commerciallyreasonable time, await retraction of repudiation and performance by therepudiating party;

(b)        make demand pursuantto G.S. 25‑2A‑401 and await assurance of future performanceadequate under the circumstances of the particular case; or

(c)        resort to any rightor remedy upon default under the lease contract or this Article, even thoughthe aggrieved party has notified the repudiating party that the aggrieved partywould await the repudiating party's performance and assurance and has urgedretraction.  In addition, whether or not the aggrieved party is pursuing one ofthe foregoing remedies, the aggrieved party may suspend performance or, if theaggrieved party is the lessor, proceed in accordance with the provisions ofthis Article on the lessor's right to identify goods to the lease contractnotwithstanding default or to salvage unfinished goods (G.S. 25‑2A‑524).(1993, c. 463, s. 1.)