§ 2-A-528 — Lessor's Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default

Section 2-A-528. Lessor's Damages for Non-acceptance, Failure to Pay,\n Repudiation, or Other Default.\n (1) Except as otherwise provided with respect to damages liquidated in\nthe lease agreement (Section 2-A-504) or otherwise determined pursuant\nto agreement of the parties (Sections 1--302 and 2-A-503), if a lessor\nelects to retain the goods or a lessor elects to dispose of the goods\nand the disposition is by lease agreement whether or not the lease\nagreement qualifies for treatment under Section 2-A-527(2), or is by\nsale or otherwise, the lessor may recover from the lessee as damages for\na default of the type described in Section 2-A-523(1) or 2-A-523 (3)(a),\nor, if agreed, for other default of the lessee, (a) accrued and unpaid\nrent as of the date of default if the lessee has never taken possession\nof the goods, or, if the lessee has taken possession of the goods, as of\nthe date the lessor repossesses the goods or an earlier date on which\nthe lessee makes a tender of the goods to the lessor, (b) the present\nvalue as of the date determined under clause (a) of the total rent for\nthe then remaining lease term of the original lease agreement minus the\npresent value as of the same date of the market rent at the place where\nthe goods are located computed for the same lease term, and (c) any\nincidental damages allowed under Section 2-A-530, less expenses saved in\nconsequence of the lessee's default.\n (2) If the measure of damages provided in subsection (1) is inadequate\nto put a lessor in as good a position as performance would have, the\nmeasure of damages is the present value of the profit, including\nreasonable overhead, the lessor would have made from full performance by\nthe lessee, together with any incidental damages allowed under Section\n2-A-530, due allowance for costs reasonably incurred and due credit for\npayments or proceeds of disposition.\n