N.Y. Uniform Commercial Code Law § 2-a-402: Anticipatory Repudiation

Section 2-A-402. Anticipatory Repudiation.

If either party repudiates a lease contract with respect to a

performance not yet due under the lease contract, the loss of which

performance will substantially impair the value of the lease contract to

the other, the aggrieved party may:

(1) for a commercially reasonable time, await retraction of

repudiation and performance by the repudiating party;

(2) make demand pursuant to Section 2-A-401 and await assurance of

future performance adequate under the circumstances of the particular

case; or

(3) resort to any right or remedy upon default under the lease

contract or this Article, even though the aggrieved party has notified

the repudiating party that the aggrieved party would await the

repudiating party's performance and assurance and has urged retraction.

In addition, whether or not the aggrieved party is pursuing one of the

foregoing remedies, the aggrieved party may suspend performance or, if

the aggrieved party is the lessor, proceed in accordance with the

provisions of this Article on the lessor's right to identify goods to

the lease contract notwithstanding default or to salvage unfinished

goods (Section 2-A-524).