(1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of the lessor's or the supplier's intention to cure and may then make a conforming delivery within the time provided in the lease contract.
(2) If the lessee rejects a nonconforming tender that the lessor or the supplier had reasonable grounds to believe would be acceptable with or without money allowance, the lessor or the supplier may have a further reasonable time to substitute a conforming tender if he seasonably notifies the lessee.
History: 1978 Comp., § 55-2A-513, enacted by Laws 1992, ch. 114, § 68.
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 2-508 [55-2-508 NMSA 1978].
Changes: Revised to reflect leasing practices and terminology.
"Conforming". Section 2A-103(1)(d) [55-2A-103 NMSA 1978].
"Delivery". Section 1-201(14) [55-1-201 NMSA 1978].
"Lease contract". Section 2A-103(1)(l) [55-2A-103 NMSA 1978].
"Lessee". Section 2A-103(1)(n) [55-2A-103 NMSA 1978].
"Lessor". Section 2A-103(1)(p) [55-2A-103 NMSA 1978].
"Money". Section 1-201(24) [55-1-201 NMSA 1978].
"Notifies". Section 1-201(26) [55-1-201 NMSA 1978].
"Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978].
"Seasonably". Section 1-204(3) [55-1-204 NMSA 1978].
"Supplier". Section 2A-103(1)(x) [55-2A-103 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 68 effective July 1, 1992.
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