§ 336.2A-403 — Retraction of Anticipatory Repudiation
Plain-Language Summary
If one party has reasonable grounds to feel insecure about the other's performance, they can demand adequate assurance in writing. Failure to provide assurance within a reasonable time (not exceeding 30 days) is a repudiation of the lease.
336.2A-403 RETRACTION OF ANTICIPATORY REPUDIATION.
(1) Until the repudiating party’s next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggrieved party’s position or otherwise indicated that the aggrieved party considers the repudiation final.
(2) Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under section 336.2A-401.
(3) Retraction reinstates a repudiating party’s rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation.
History:
1989 c 232 art 1 s 2A-403
History: History: 1989 c 232 art 1 s 2A-403