(810 ILCS 5/2A-402) (from Ch. 26, par. 2A-402)
Sec. 2A-402.
Anticipatory repudiation.
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:
(a) for a commercially reasonable time, await retraction of
repudiation and performance by the repudiating party;
(b) make demand pursuant to Section 2A-401 and await
assurance of future performance adequate under the
circumstances of the particular case; or
(c) 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
(Section 2A-524).
(Source: P.A. 87-493.)
|