8.2A-406 - A-406. Procedure on excused performance. - Virginia Statutes

§ 8.2A-406. Procedure on excused performance.

(1) If the lessee receives notification of a material or indefinite delay oran allocation justified under § 8.2A-405, the lessee may by writtennotification to the lessor as to any goods involved, and with respect to allof the goods if under an installment lease contract the value of the wholelease contract is substantially impaired (§ 8.2A-510):

(a) Terminate the lease contract (pursuant to subsection (2) of § 8.2A-505; or

(b) Except in a finance lease that is not a consumer lease, modify the leasecontract by accepting the available quota in substitution, with due allowancefrom the rent payable for the balance of the lease term for the deficiencybut without further right against the lessor.

(2) If, after receipt of a notification from the lessor under § 8.2A-405, thelessee fails so to modify the lease agreement within a reasonable time notexceeding thirty days, the lease contract lapses with respect to anydeliveries affected.

(1991, c. 536.)