New York Laws
Part 5 - Default
2-A-529 - Lessor's Action for the Rent.

(1) After default by the lessee under the lease contract of the type
described in Section 2-A-523(1) or 2-A-523(3)(a) or, if agreed, after
other default by the lessee, if the lessor complies with subsection (2),
the lessor may recover from the lessee as damages:
(a) for goods accepted by the lessee and not repossessed by or
tendered to the lessor, and for conforming goods lost or
damaged within a commercially reasonable time after risk of
loss passes to the lessee (Section 2-A-219), (i) accrued and
unpaid rent as of the date of entry of judgment in favor of
the lessor, (ii) the present value as of the same date of the
rent for the then remaining lease term of the lease
agreement, and (iii) any incidental damages allowed under
Section 2-A-530, less expenses saved in consequence of the
lessee's default; and
(b) for goods identified to the lease contract, if the lessor is
unable after reasonable effort to dispose of them at a
reasonable price or the circumstances reasonably indicate
that effort will be unavailing, (i) accrued and unpaid rent
as of the date of entry of judgment in favor of the lessor,
(ii) the present value as of the same date of the rent for
the then remaining lease term of the lease agreement, and
(iii) any incidental damages allowed under Section 2-A-530,
less expenses saved in consequence of the lessee's default.
(2) Except as provided in subsection (3), the lessor shall hold for
the lessee for the remaining lease term of the lease agreement any goods
that have been identified to the lease contract and are in the lessor's
control.
(3) The lessor may dispose of the goods at any time before collection
of the judgment for damages obtained pursuant to subsection (1). If the
disposition is before the end of the remaining lease term of the lease
agreement, the lessor's recovery against the lessee for damages is
governed by Section 2-A-527 or Section 2-A-528, and the lessor will
cause an appropriate credit to be provided against a judgment for
damages to the extent that the amount of the judgment exceeds the
recovery available pursuant to Section 2-A-527 or Section 2-A-528.
(4) Payment of the judgment for damages obtained pursuant to
subsection (1) entitles the lessee to the use and possession of the
goods not then disposed of for the remaining lease term of and in
accordance with the lease agreement.
(5) After default by the lessee under the lease contract of the type
described in Section 2-A-523 (1) or Section 2-A-523 (3)(a) or, if
agreed, after other default by the lessee, a lessor who is held not
entitled to rent under this section must nevertheless be awarded damages
for non-acceptance under Section 2-A-527 or 2-A-528.

Structure New York Laws