8.2A-510 - A-510. Installment lease contracts; rejection and default. - Virginia Statutes

§ 8.2A-510. Installment lease contracts; rejection and default.

(1) Under an installment lease contract a lessee may reject any delivery thatis nonconforming if the nonconformity substantially impairs the value of thatdelivery and cannot be cured or the nonconformity is a defect in the requireddocuments; but if the nonconformity does not fall within subsection (2) ofthis section and the lessor or the supplier gives adequate assurance of itscure, the lessee must accept that delivery.

(2) Whenever nonconformity or default with respect to one or more deliveriessubstantially impairs the value of the installment lease contract as a wholethere is a default with respect to the whole. But, the aggrieved partyreinstates the installment lease contract as a whole if the aggrieved partyaccepts a nonconforming delivery without seasonably notifying of cancellationor brings an action with respect only to past deliveries or demandsperformance as to future deliveries.

(1991, c. 536.)