N.Y. Uniform Commercial Code Law Section 2-A-510
Installment Lease Contracts: Rejection and Default

Section 2-A-510. Installment Lease Contracts: Rejection and Default.

(1)

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

(2)

Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole. But, the aggrieved party reinstates the installment lease contract as a whole if the aggrieved party accepts a nonconforming delivery without seasonably notifying of cancellation or brings an action with respect only to past deliveries or demands performance as to future deliveries.

Source: Section 2-A-510 — Installment Lease Contracts: Rejection and Default, https://www.­nysenate.­gov/legislation/laws/UCC/2-A-510 (updated Sep. 22, 2014; accessed May 4, 2024).

2‑A‑501
Default: Procedure 2‑A‑502
Notice After Default 2‑A‑503
Modification or Impairment of Rights and Remedies 2‑A‑504
Liquidation of Damages 2‑A‑505
Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies 2‑A‑506
Statute of Limitations 2‑A‑507
Proof of Market Rent: Time and Place 2‑A‑508
Lessee’s Remedies 2‑A‑509
Lessee’s Rights on Improper Delivery: Rightful Rejection 2‑A‑510
Installment Lease Contracts: Rejection and Default 2‑A‑511
Merchant Lessee’s Duties as to Rightfully Rejected Goods 2‑A‑512
Lessee’s Duties as to Rightfully Rejected Goods 2‑A‑513
Cure by Lessor of Improper Tender or Delivery 2‑A‑514
Waiver of Lessee’s Objections 2‑A‑515
Acceptance of Goods 2‑A‑516
Effect of Acceptance of Goods 2‑A‑517
Revocation of Acceptance of Goods 2‑A‑518
Cover 2‑A‑519
Lessee’s Damages for Non-delivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods 2‑A‑520
Lessee’s Incidental and Consequential Damages 2‑A‑521
Lessee’s Right to Specific Performance or Replevin 2‑A‑522
Lessee’s Right to Goods on Lessor’s Insolvency 2‑A‑523
Lessor’s Remedies 2‑A‑524
Lessor’s Right to Identify Goods to Lease Contract 2‑A‑525
Lessor’s Right to Possession of Goods 2‑A‑526
Lessor’s Stoppage of Delivery in Transit or Otherwise 2‑A‑527
Lessor’s Rights to Dispose of Goods 2‑A‑528
Lessor’s Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default 2‑A‑529
Lessor’s Action for the Rent 2‑A‑530
Lessor’s Incidental Damages 2‑A‑531
Standing to Sue Third Parties for Injury to Goods 2‑A‑532
Lessor’s Rights to Residual Interest
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Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 2-A-510’s source at nysenate​.gov

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