§ 26-1-2.1-507 — Proof of market rent; time and place

Indiana § 26-1-2.1-507

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2.1: Leases

Text

(1) Damages based on market rent (IC 26-1-2.1-519 or IC 26-1-2.1-528) 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 time of the default.
(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 described in IC 26-1-2.1 is not readily available, the rent prevailing within any
reasonable time 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 IC 26-1-2.1 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.

Legislative History

As added by P.L.189-1991, SEC.3.