§ 2A401. Insecurity: adequate assurance of performance
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 2A401
§ 2A401. Insecurity: adequate assurance of performance
(b) Demand for adequate assurance of performance.--If reasonable grounds for insecurity arise with respect to the performance of either party, the insecure party may demand in writing adequate assurance of due performance. Until the insecure party receives that assurance, if commercially reasonable the insecure party may suspend any performance for which he has not already received the agreed return.
(c) Failure to provide adequate assurance of performance.--A repudiation of the lease contract occurs if assurance of due performance adequate under the circumstances of the particular case is not provided to the insecure party within a reasonable time, not to exceed 30 days after receipt of a demand by the other party.
Credits
1992, July 9, P.L. 507, No. 97, § 3, effective in one year.
13 Pa.C.S.A. § 2A401, PA ST 13 Pa.C.S.A. § 2A401
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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