§ 6A-2.1-528 - Lessor's damages for nonacceptance, failure to pay, repudiation, or other default.
SECTION 6A-2.1-528
§ 6A-2.1-528 Lessor's damages fornonacceptance, failure to pay, repudiation, or other default. – (1) Except as otherwise provided with respect to damages liquidated in thelease agreement (§ 6A-2.1-504) or otherwise determined pursuant toagreement of the parties (§§ 6A-1-302 and 6A-2.1-503), if a lessorelects to retain the goods or a lessor elects to dispose of the goods and thedisposition is by lease agreement that for any reason does not qualify fortreatment under § 6A-2.1-527(2), or is by sale or otherwise, the lessormay recover from the lessee as damages for a default of the type described in§ 6A-2.1-523(1) or 6A-2.1-523(3)(a), or, if agreed, for other default ofthe lessee, (i) accrued and unpaid rent as of the date of default if the lesseehas never taken possession of the goods, or, if the lessee has taken possessionof the goods, as of the date the lessor repossesses the goods or an earlierdate on which the lessee makes a tender of the goods to the lessor, (ii) thepresent value as of the date determined under clause (i) of the total rent forthe then remaining lease term of the original lease agreement minus the presentvalue as of the same date of the market rent at the place where the goods arelocated computed for the same lease term, and (iii) any incidental damagesallowed under § 6A-2.1-530, less expenses saved in consequence of thelessee's default.
(2) If the measure of damages provided in subsection (1) isinadequate to put a lessor in as good a position as performance would have, themeasure of damages is the present value of the profit, including reasonableoverhead, the lessor would have made from full performance by the lessee,together with any incidental damages allowed under § 6A-2.1-530, dueallowance for costs reasonably incurred and due credit for payments or proceedsof disposition.