Source: L. 91: Entire article added, p. 299, § 1, effective July 1, 1992.
Uniform Statutory Source: Section 2-616(1) and (2).
Changes: Revised to reflect leasing practices and terminology. Note that subsection 1(a) allows the lessee under a lease, including a finance lease, the right to terminate the lease for excused performance (Sections 2A-404 and 2A-405). However, subsection 1(b), which allows the lessee the right to modify the lease for excused performance, excludes a finance lease that is not a consumer lease. This exclusion is compelled by the same policy that led to codification of provisions with respect to irrevocable promises. Section 2A-407.
Definitional Cross References:
"Consumer lease". Section 2A-103(1)(e).
"Delivery". Section 1-201(14).
"Finance lease". Section 2A-103(1)(g).
"Goods". Section 2A-103(1)(h).
"Installment lease contract". Section 2A-103(1)(i).
"Lease agreement". Section 2A-103(1)(k).
"Lease contract". Section 2A-103(1)(l).
"Lessee". Section 2A-103(1)(n).
"Lessor". Section 2A-103(1)(p).
"Notice". Section 1-201(25).
"Reasonable time". Section 1-204(1) and (2).
"Receipt". Section 2-103(1)(c).
"Rights". Section 1-201(36).
"Termination". Section 2A-103(1)(z).
"Value". Section 1-201(44).
"Written". Section 1-201(46).
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