§ 2-A-507 — Proof of Market Rent: Time and Place

New York § 2-A-507

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 5: Default a In General B Default By Lessor C Default By Lessee
• Art. 2-A: Leases

Text

Section 2-A-507. Proof of Market Rent: Time and Place.\n (1) Damages based on market rent (Section 2-A-519 or 2-A-528) are\ndetermined according to the rent for the use of the goods concerned for\na lease term identical to the remaining lease term of the original lease\nagreement and prevailing at the times specified in Sections 2-A-519 and\n2-A-528.\n (2) If evidence of rent for the use of the goods concerned for a lease\nterm identical to the remaining lease term of the original lease\nagreement and prevailing at the times or places described in this\nArticle is not readily available, the rent prevailing within any\nreasonable time before or after the time described or at any other place\nor for a different lease term which in commercial judgment or under\nusage of trade would serve as a reasonable substitute for the one\ndescribed may be used, making any proper allowance for the difference,\nincluding the cost of transporting the goods to or from the other place.\n (3) Evidence of a relevant rent prevailing at a time or place or for a\nlease term other than the one described in this Article offered by one\nparty is not admissible unless and until he or she has given the other\nparty notice the court finds sufficient to prevent unfair surprise.\n (4) If the prevailing rent or value of any goods regularly leased in\nany established market is in issue, reports in official publications of\ntrade journals or in newspapers or periodicals of general circulation\npublished as the reports of that market are admissible in evidence. The\ncircumstances of the preparation of the report may be shown to affect\nits weight but not its admissibility.\n