§ 554.13507 — Proof of market rent — time and place

Iowa § 554.13507

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. Damages based on market rent (section 554.13519 or 554.13528) are determined
according to the rent for the use of the goods concerned for a lease term identical to the
remaining lease term of the original lease agreement and prevailing at the times specified
in sections 554.13519 and 554.13528.
2. If evidence of rent for the use of the goods concerned for a lease term identical to the
remaining lease term of the original lease agreement and prevailing at the times or places
describedinthisArticleisnotreadilyavailable,therentprevailingwithinanyreasonabletime
before or after the time described or at any other place or for a different lease term which in
commercial judgment or under usage of trade would serve as a reasonable substitute for the
one described may be used, making any proper allowance for the difference, including the
cost of transporting the goods to or from the other place.
3. Evidence of a relevant rent prevailing at a time or place or for a lease term other than
the one described in this Article offered by one party is not admissible unless and until the
party has given the other party notice the court finds sufficient to prevent unfair surprise.
4. If the prevailing rent or value of any goods regularly leased in any established market
is in issue, reports in official publications or trade journals or in newspapers or periodicals of
general circulation published as the reports of that market are admissible in evidence. The
circumstances of the preparation of the report may be shown to affect its weight but not its
admissibility.