Retraction of Anticipatory Repudiation

1. Law
2. Georgia Code
3. Commercial Code
4. Leases
5. Performance of Lease Contract: Repudiated, Substituted and Excused
6. Retraction of Anticipatory Repudiation

1. Until the repudiating party's next performance is due, the repudiating party can retract the repudiation unless, since the repudiation, the aggrieved party has canceled the lease contract or materially changed the aggrieved party's position or otherwise indicated that the aggrieved party considers the repudiation final.
2. Retraction may be by any method that clearly indicates to the aggrieved party that the repudiating party intends to perform under the lease contract and includes any assurance demanded under Code Section 11-2A-401.
3. Retraction reinstates a repudiating party's rights under a lease contract with due excuse and allowance to the aggrieved party for any delay occasioned by the repudiation.

(Code 1981, §11-2A-403, enacted by Ga. L. 1993, p. 633, § 1; Ga. L. 2002, p. 415, § 11.)

The 2002 amendment, effective April 18, 2002, part of an Act to revise, modernize, and correct the Code, substituted "canceled" for "cancelled" in subsection (1).

RESEARCH REFERENCES

U.L.A.

- Uniform Commercial Code (U.L.A.) § 2A-403.

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