New Jersey § 12a:2a-406
Full text of New Jersey New Jersey Statutes § 12a:2a-406, with citation guidance and answers to common questions.
§ 12a:2a-406.
(1) If the lessee receives notification of a material or indefinite delay or an allocation
justified under 12A:2A-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 (12A:2A-510): (a) terminate the lease contract (12A:2A-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 12A:2A-405, the lessee
fails so to modify the lease agreement within a reasonable time not exceeding 30 days,
the lease contract lapses with respect to any deliveries affected.
Frequently Asked Questions About New Jersey § 12a:2a-406
What does New Jersey Statutes § 12a:2a-406 cover?
Section 12a:2a-406 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:2a-406?
A common citation format is "New Jersey Statutes § 12a:2a-406" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:2a-406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.