Legislation

Search OpenLegislation Statutes

This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 2-A-507
Proof of Market Rent: Time and Place
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 2-A, PART 5
Section 2-A-507. Proof of Market Rent: Time and Place.

(1) Damages based on market rent (Section 2-A-519 or 2-A-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 times specified in Sections 2-A-519 and
2-A-528.

(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 this
Article 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 this Article offered by one
party is not admissible unless and until he or she 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 of
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.