{"data":{"id":"us-ky/krs-355.2a-406","jurisdiction":"us-ky","citation":"KRS 355.2A-406","heading":"Procedure on excused performance.","body":"(1) If the lessee receives notification of a material or indefinite delay or an allocation\njustified under KRS 355.2A-405, the lessee may by written notification to the lessor\nas to any goods involved, and with respect to all of the goods if under an installment\nlease contract the value of the whole lease contract is substantially impaired (KRS\n355.2A-510):\n(a) Terminate the lease contract (subsection (2) of KRS 355.2A-505); or\n(b) Except in a finance lease that is not a consumer lease, modify the lease\ncontract by accepting the available quota in substitution, with due allowance\nfrom the rent payable for the balance of the lease term for the deficiency but\nwithout further right against the lessor.\n(2) If, after receipt of a notification from the lessor under KR S 355.2A-405, the lessee\nfails so to modify the lease agreement within a reasonable time not exceeding thirty\n(30) days, the lease contract lapses with respect to any deliveries affected.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33395","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:43Z","sha256":"a73cd64dc88d384002922128b816dce3e7622dbb3dd35847c0604586a2caa386","source_id":"us-ky","stale":false,"prev":"us-ky/krs-355.2a-405","next":"us-ky/krs-355.2a-407"},"notice":"GroundRules: Original legal text. Not legal advice."}