Arkansas Code
Part 5 - Default
§ 4-2A-507. Proof of market rent — Time and place

(1) Damages based on market rent (§ 4-2A-519 or § 4-2A-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 §§ 4-2A-519 and 4-2A-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 chapter 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 chapter 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 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.

Structure Arkansas Code

Arkansas Code

Title 4 - Business and Commercial Law

Subtitle 1 - Uniform Commercial Code

Chapter 2A - Leases

Part 5 - Default

§ 4-2A-501. Default — Procedure

§ 4-2A-502. Notice after default

§ 4-2A-503. Modification or impairment of rights and remedies

§ 4-2A-504. Liquidation of damages

§ 4-2A-505. Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies

§ 4-2A-506. Statute of limitations

§ 4-2A-507. Proof of market rent — Time and place

§ 4-2A-508. Lessee's remedies

§ 4-2A-509. Lessee's rights on improper delivery — Rightful rejection

§ 4-2A-510. Installment lease contracts — Rejection and default

§ 4-2A-511. Merchant lessee's duties as to rightfully rejected goods

§ 4-2A-512. Lessee's duties as to rightfully rejected goods

§ 4-2A-513. Cure by lessor of improper tender or delivery — Replacement

§ 4-2A-514. Waiver of lessee's objections

§ 4-2A-515. Acceptance of goods

§ 4-2A-516. Effect of acceptance of goods — Notice of default — Burden of establishing default after acceptance — Notice of claim or litigation to person answerable over

§ 4-2A-517. Revocation of acceptance of goods

§ 4-2A-518. Cover — Substitute goods

§ 4-2A-519. Lessee's damages for non-delivery, repudiation, default, and breach of warranty in regard to accepted goods

§ 4-2A-520. Lessee's incidental and consequential damages

§ 4-2A-521. Lessee's right to specific performance or replevin

§ 4-2A-522. Lessee's right to goods on lessor's insolvency

§ 4-2A-523. Lessor's remedies

§ 4-2A-524. Lessor's right to identify goods to lease contract

§ 4-2A-525. Lessor's right to possession of goods

§ 4-2A-526. Lessor's stoppage of delivery in transit or otherwise

§ 4-2A-527. Lessor's rights to dispose of goods

§ 4-2A-528. Lessor's damages for non-acceptance, failure to pay, repudiation, or other default

§ 4-2A-529. Lessor's action for the rent

§ 4-2A-530. Lessor's incidental damages

§ 4-2A-531. Standing to sue third parties for injury to goods

§ 4-2A-532. Lessor's rights to residual interest