Arkansas Code
Part 5 - Default
§ 4-2A-519. Lessee's damages for non-delivery, repudiation, default, and breach of warranty in regard to accepted goods

(1) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 4-2A-504) or otherwise determined pursuant to agreement of the parties (§§ 4-1-302 and 4-2A-503), if a lessee elects not to cover or a lessee elects to cover and the cover is by lease agreement that for any reason does not qualify for treatment under § 4-2A-518(2), or is by purchase or otherwise, the measure of damages for non-delivery or repudiation by the lessor or for rejection or revocation of acceptance by the lessee is the present value, as of the date of the default, of the then market rent minus the present value as of the same date of the original rent, computed for the remaining lease term of the original lease agreement, together with incidental and consequential damages, less expenses saved in consequence of the lessor's default.
(2) Market rent is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival.
(3) Except as otherwise agreed, if the lessee has accepted goods and given notification (§ 4-2A-516(3)), the measure of damages for non-conforming tender or delivery or other default by a lessor is the loss resulting in the ordinary course of events from the lessor's default as determined in any manner that is reasonable together with incidental and consequential damages, less expenses saved in consequence of the lessor's default.
(4) Except as otherwise agreed, the measure of damages for breach of warranty is the present value at the time and place of acceptance of the difference between the value of the use of the goods accepted and the value if they had been as warranted for the lease term, unless special circumstances show proximate damages of a different amount, together with incidental and consequential damages, less expenses saved in consequence of the lessor's default or breach of warranty.

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