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The Maze of the UCC with Dr.David McDowell

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Prosperity Truth Law and Commerce

Prosperity Truth Law and Commerce

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UCC> with Dave,Up until now, New York had refrained from expanding its common law to permit a party to demand adequate assurance of performance beyond the Uniform Commercial Code.As many attorneys know, UCC 2-609 permits one party upon “reasonable grounds for insecurity” to “demand adequate assurance of due performance” and permits that party to suspend any performance until such assurances are received. Furthermore, it provides that the other party’s “failure to provide within a reasonable time not exceeding 30 days such assurance of due performance” constitutes a “repudiation of the contract.”

 

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