§2-1504. Liquidation of damages
(1). Damages payable by either party for default or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to lessor's residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission.
[PL 1991, c. 805, §4 (NEW).]
(2). If the lease agreement provides for liquidation of damages and that provision does not comply with subsection (1), or that provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this Article.
[PL 1991, c. 805, §4 (NEW).]
(3). If the lessor justifiably withholds or stops delivery of goods because of the lessee's default or insolvency (section 2‑1525 or 2‑1526) the lessee is entitled to restitution of any amount by which the sum of the lessee's payments exceeds:
(a). The amount to which the lessor is entitled by virtue of terms liquidating the lessor's damages in accordance with subsection (1); or [PL 1991, c. 805, §4 (NEW).]
(b). In the absence of those terms, 20% of the then present value of the total rent the lessee was obligated to pay for the balance of the lease term, or, in the case of a consumer lease, the lesser of that amount or $500. [PL 1991, c. 805, §4 (NEW).]
[PL 1991, c. 805, §4 (NEW).]
(4). A lessee's right to restitution under subsection (3) is subject to offset to the extent the lessor establishes:
(a). A right to recover damages under the provisions of this Article other than subsection (1); and [PL 1991, c. 805, §4 (NEW).]
(b). The amount or value of any benefits received by the lessee directly or indirectly by reason of the lease contract. [PL 1991, c. 805, §4 (NEW).]
[PL 1991, c. 805, §4 (NEW).]
SECTION HISTORY
PL 1991, c. 805, §4 (NEW).
Structure Maine Revised Statutes
TITLE 11: UNIFORM COMMERCIAL CODE
11 §2-1501. Default; procedure
11 §2-1502. Notice after default
11 §2-1503. Modification or impairment of rights and remedies
11 §2-1504. Liquidation of damages
11 §2-1506. Statute of limitations
11 §2-1507. Proof of market rent; time and place
11 §2-1509. Lessee's rights on improper delivery; rightful rejection
11 §2-1510. Installment lease contracts; rejection and default
11 §2-1511. Merchant lessee's duties as to rightfully rejected goods
11 §2-1512. Lessee's duties as to rightfully rejected goods
11 §2-1513. Cure by lessor of improper tender or delivery; replacement
11 §2-1514. Waiver of lessee's objections
11 §2-1515. Acceptance of goods
11 §2-1517. Revocation of acceptance of goods
11 §2-1518. Cover; substitute goods
11 §2-1520. Lessee's incidental and consequential damages
11 §2-1521. Lessee's right to specific performance or replevin
11 §2-1522. Lessee's right to goods on lessor's insolvency
11 §2-1524. Lessor's right to identify goods to lease contract
11 §2-1525. Lessor's right to possession of goods
11 §2-1526. Lessor's stoppage of delivery in transit or otherwise
11 §2-1527. Lessor's rights to dispose of goods
11 §2-1528. Lessor's damages for nonacceptance, failure to pay, repudiation or other default
11 §2-1529. Lessor's action for the rent
11 §2-1530. Lessor's incidental damages
11 §2-1531. Standing to sue third parties for injury to goods