554.13510 Installment lease contracts — rejection and default. 1. Under an installment lease contract a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery andcannot be cured or the nonconformity is a defect in the required documents; but if thenonconformity does not fall within subsection 2 and the lessor or the supplier gives adequateassurance of its cure, the lessee must accept that delivery. 2. Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respectto the whole. But, the aggrieved party reinstates the installment lease contract as a wholeif the aggrieved party accepts a nonconforming delivery without seasonably notifying ofcancellation or brings an action with respect only to past deliveries or demands performanceas to future deliveries. 94 Acts, ch 1052, §62Referred to in §554.13406, 554.13508, 554.13509, 554.13523 Sat Dec 23 11:03:31 2023 Iowa Code 2024, Section 554.13510 (24, 0)
Iowa Legal Code