Colorado § 4-2.5-406 - Procedure on excused performance.
Full text of Colorado Colorado Revised Statutes § 4-2.5-406 — Procedure on excused performance., with citation guidance and answers to common questions.
§ 4-2.5-406. Procedure on excused performance.
(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under section 4-2.5-405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (section 4-2.5-510):
(a) Terminate the lease contract (section 4-2.5-505 (2)); or
(b) Except in a finance lease that is not a consumer lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
(2) If, after receipt of a notification from the lessor under section 4-2.5-405, the lessee fails so to modify the lease agreement within a reasonable time not exceeding thirty days, the lease contract lapses with respect to any deliveries affected.
Source: L. 91: Entire article added, p. 299, § 1, effective July 1, 1992.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 4-2.5-406
What does Colorado Revised Statutes § 4-2.5-406 cover?
Section 4-2.5-406 ("Procedure on excused performance.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 4-2.5-406?
A common citation format is "Colorado Revised Statutes § 4-2.5-406" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 4-2.5-406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.