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:
Source: L. 91: Entire article added, p. 297, § 1, effective July 1, 1992.
Uniform Statutory Source: Section 2-610.
Changes: Revised to reflect leasing practices and terminology.
Definitional Cross References:
"Aggrieved party". Section 1-201(2).
"Goods". Section 2A-103(1)(h).
"Lease contract". Section 2A-103(1)(l).
"Lessor". Section 2A-103(1)(p).
"Notifies". Section 1-201(26).
"Party". Section 1-201(29).
"Reasonable time". Section 1-204(1) and (2).
"Remedy". Section 1-201(34).
"Rights". Section 1-201(36).
"Value". Section 1-201(44).
Structure Colorado Code
Title 4 - Uniform Commercial Code
Part 4 - Performance of Lease Contract: Repudiated, Substituted and Excused
§ 4-2.5-401. Insecurity: Adequate Assurance of Performance
§ 4-2.5-402. Anticipatory Repudiation
§ 4-2.5-403. Retraction of Anticipatory Repudiation
§ 4-2.5-404. Substituted Performance
§ 4-2.5-405. Excused Performance