- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 12. Leases
- Section 402. Anticipatory Repudiation.
previous: Section 401
. Insecurity: Adequate Assurance of Performance.
next: Section 403
. Retraction of Anticipatory Repudiation.
AS 45.12.402. Anticipatory Repudiation.
- (a) 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
- (1) for a commercially reasonable time, await retraction of repudiation and performance by the repudiating party;
- (2) make demand under AS 45.12.401
and await assurance of future performance adequate under the circumstances of the particular case; or
- (3) resort to any right or remedy upon default under the lease contract or this chapter, 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.
- (b) In addition to pursuing the remedies in (a) of this section and 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
under the provisions of this chapter on the lessor's right to identify goods to the lease contract notwithstanding
default or to salvage unfinished goods under AS 45.12.524.
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