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:
1. For a commercially reasonable time, await retraction of repudiation and performance by the repudiating party;
2. Make demand pursuant to NRS 104A.2401 and await assurance of future performance adequate under the circumstances of the particular case; or
3. Resort to any right or remedy upon default under the lease contract or this Article, even though the aggrieved party has notified the repudiating party that the aggrieved party would await the repudiating party’s performance and assurance and has urged retraction.
In addition, whether or not the aggrieved party is pursuing one of the foregoing remedies, the aggrieved party may suspend performance or, if the aggrieved party is the lessor, proceed in accordance with the provisions of this Article on the lessor’s right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods (NRS 104A.2524).
(Added to NRS by 1989, 356; A 1989, 721)
Structure Nevada Revised Statutes
Chapter 104A - Uniform Commercial Code — Additional Articles
NRS 104A.010 - Applicability of and references to Uniform Commercial Code.
NRS 104A.200 - Law applicable to transactions entered into before January 1, 1990.
NRS 104A.2103 - Definitions and index of definitions.
NRS 104A.2104 - Leases subject to other law.
NRS 104A.2105 - Territorial application of article to goods covered by certificate of title.
NRS 104A.2107 - Waiver or renunciation of claim or right after default.
NRS 104A.2108 - Unconscionability.
NRS 104A.2109 - Option to accelerate at will.
NRS 104A.2201 - Statute of frauds.
NRS 104A.2202 - Final written expression: Parol or extrinsic evidence.
NRS 104A.2203 - Seals inoperative.
NRS 104A.2204 - Formation in general.
NRS 104A.2206 - Offer and acceptance in formation of lease contract.
NRS 104A.2208 - Modification, rescission and waiver.
NRS 104A.2209 - Lessee under finance lease as beneficiary of supply contract.
NRS 104A.2210 - Express warranties.
NRS 104A.2212 - Implied warranty of merchantability.
NRS 104A.2213 - Implied warranty of fitness for particular purpose.
NRS 104A.2214 - Exclusion or modification of warranties.
NRS 104A.2215 - Cumulation and conflict of warranties express or implied.
NRS 104A.2216 - Third-party beneficiaries of express and implied warranties.
NRS 104A.2217 - Identification.
NRS 104A.2218 - Insurance and proceeds.
NRS 104A.2220 - Effect of default on risk of loss.
NRS 104A.2221 - Casualty to identified goods.
NRS 104A.2301 - Enforceability of lease contract.
NRS 104A.2302 - Title to and possession of goods.
NRS 104A.2304 - Subsequent lease of goods by lessor.
NRS 104A.2305 - Sale or sublease of goods by lessee.
NRS 104A.2306 - Priority of certain liens arising by operation of law.
NRS 104A.2308 - Special rights of creditors.
NRS 104A.2309 - Lessor’s and lessee’s rights when goods become fixtures.
NRS 104A.2310 - Lessor’s and lessee’s rights when goods become accessions.
NRS 104A.2311 - Priority subject to subordination.
NRS 104A.2401 - Insecurity: Adequate assurance of performance.
NRS 104A.2402 - Anticipatory repudiation.
NRS 104A.2403 - Retraction of anticipatory repudiation.
NRS 104A.2404 - Substituted performance.
NRS 104A.2405 - Excused performance.
NRS 104A.2406 - Procedure on excused performance.
NRS 104A.2407 - Irrevocable promises: Finance leases.
NRS 104A.2501 - Default: Procedure.
NRS 104A.2502 - Notice after default.
NRS 104A.2503 - Modification or impairment of rights and remedies.
NRS 104A.2504 - Liquidation of damages.
NRS 104A.2506 - Statute of limitations.
NRS 104A.2507 - Proof of market rent: Time and place.
NRS 104A.2508 - Lessee’s remedies.
NRS 104A.2509 - Lessee’s rights on improper delivery; rightful rejection.
NRS 104A.2510 - Installment lease contracts: Rejection and default.
NRS 104A.2511 - Merchant lessee’s duties as to rightfully rejected goods.
NRS 104A.2512 - Lessee’s duties as to rightfully rejected goods.
NRS 104A.2513 - Cure by lessor of improper tender or delivery; replacement.
NRS 104A.2514 - Waiver of lessee’s objections.
NRS 104A.2515 - Acceptance of goods.
NRS 104A.2517 - Revocation of acceptance of goods.
NRS 104A.2518 - Cover; substitute goods.
NRS 104A.2520 - Lessee’s incidental and consequential damages.
NRS 104A.2521 - Lessee’s right to specific performance or replevin.
NRS 104A.2522 - Lessee’s right to goods on lessor’s insolvency.
NRS 104A.2523 - Lessor’s remedies.
NRS 104A.2524 - Lessor’s right to identify goods to lease contract.
NRS 104A.2525 - Lessor’s right to possession of goods.
NRS 104A.2526 - Lessor’s stoppage of delivery in transit or otherwise.
NRS 104A.2527 - Lessor’s rights to dispose of goods.
NRS 104A.2528 - Lessor’s damages for nonacceptance, failure to pay, repudiation or other default.
NRS 104A.2529 - Lessor’s action for the rent.
NRS 104A.2530 - Lessor’s incidental damages.
NRS 104A.2531 - Standing to sue third parties for injury to goods.
NRS 104A.2532 - Lessor’s rights to residual interest.
NRS 104A.4102 - Subject matter.
NRS 104A.4103 - Payment order: Definitions.
NRS 104A.4104 - Funds transfer: Definitions.
NRS 104A.4105 - Other definitions.
NRS 104A.4106 - Time payment order is received.
NRS 104A.4107 - Federal Reserve regulations and operating circulars.
NRS 104A.4201 - Security procedure.
NRS 104A.4202 - Authorized and verified payment orders.
NRS 104A.4203 - Unenforceability of certain verified payment orders.
NRS 104A.4205 - Erroneous payment orders.
NRS 104A.4206 - Transmission of payment order through funds-transfer or other communication system.
NRS 104A.4207 - Misdescription of beneficiary.
NRS 104A.4208 - Misdescription of intermediary bank or beneficiary’s bank.
NRS 104A.4209 - Acceptance of payment order.
NRS 104A.4210 - Rejection of payment order.
NRS 104A.4211 - Cancellation and amendment of payment order.
NRS 104A.4212 - Liability and duty of receiving bank regarding unaccepted payment order.
NRS 104A.4301 - Execution and execution date.
NRS 104A.4302 - Obligation of receiving bank in execution of payment order.
NRS 104A.4303 - Erroneous execution of payment order.
NRS 104A.4304 - Duty of sender to report erroneously executed payment order.
NRS 104A.4305 - Liability for late or improper execution or failure to execute payment order.
NRS 104A.4402 - Obligation of sender to pay receiving bank.
NRS 104A.4403 - Payment by sender to receiving bank.
NRS 104A.4404 - Obligation of beneficiary’s bank to pay and give notice to beneficiary.
NRS 104A.4405 - Payment by beneficiary’s bank to beneficiary.
NRS 104A.4406 - Payment by originator to beneficiary; discharge of underlying obligation.
NRS 104A.4501 - Variation by agreement and effect of funds-transfer system rule.
NRS 104A.4502 - Creditor’s process served on receiving bank; setoff by beneficiary’s bank.
NRS 104A.4503 - Injunction or restraining order with respect to funds transfer.
NRS 104A.4505 - Preclusion of objection to debit of customer’s account.