Indiana Code 26-1-2.1-402. Anticipatory repudiation
(a) for a commercially reasonable time, await retraction of repudiation and performance by the repudiating party;
Terms Used In Indiana Code 26-1-2.1-402
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(c) resort to any right or remedy upon default under the lease contract or IC 26-1-2.1, 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 IC 26-1-2.1 on the lessor’s right to identify goods to the lease contract notwithstanding default or to salvage unfinished goods (IC 26-1-2.1-524).
As added by P.L.189-1991, SEC.3.