(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 cancelled 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 55-2A-401 NMSA 1978.

(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: 1978 Comp., § 55-2A-403, enacted by Laws 1992, ch. 114, § 51.

OFFICIAL COMMENTS

UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.

Uniform Statutory Source: — Section 2-611 [55-2-611 NMSA 1978].

Changes: — Revised to reflect leasing practices and terminology. Note that in the analogue to subsection (2) (Section 2-611(2)) [55-2-611 NMSA 1978] the adjective "justifiably" modifies demanded. The adjective was deleted here (as it was in Section 2A-401) [55-2A-401 NMSA 1978] as unnecessary, implying no substantive change.

"Aggrieved party". Section 1-201(2) [55-1-201 NMSA 1978].

"Cancellation". Section 2A-103(1)(b) [55-2A-103 NMSA 1978].

"Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978].

"Party". Section 1-201(29) [55-1-201 NMSA 1978].

"Rights". Section 1-201(36) [55-1-201 NMSA 1978].

Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 51 effective July 1, 1992.