Vermont § 406 - § 2A—406.
Full text of Vermont Vermont Statutes Online § 406 — § 2A—406., with citation guidance and answers to common questions.
§ 406. § 2A—406.
- Procedure on excused performance (1) If the lessee receives notification of a material or indefinite delay or an allocation
justified under section 2A—405 of this title, 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 (§ 2A—510): (a) terminate the lease contract (§ 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 section 2A—405 of this title, 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. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995.)
Frequently Asked Questions About Vermont § 406
What does Vermont Statutes Online § 406 cover?
Section 406 ("§ 2A—406.") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 406?
A common citation format is "Vermont Statutes Online § 406" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.