§ 6A-2.1-528. Lessor’s damages for nonacceptance, failure to pay, repudiation, or other default.
(1) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 6A-2.1-504) or otherwise determined pursuant to agreement of the parties (§§ 6A-1-302 and 6A-2.1-503), if a lessor elects to retain the goods or a lessor elects to dispose of the goods and the disposition is by lease agreement that for any reason does not qualify for treatment under § 6A-2.1-527(2), or is by sale or otherwise, the lessor may recover from the lessee as damages for a default of the type described in § 6A-2.1-523(1) or 6A-2.1-523(3)(a), or, if agreed, for other default of the lessee, (i) accrued and unpaid rent as of the date of default if the lessee has never taken possession of the goods, or, if the lessee has taken possession of the goods, as of the date the lessor repossesses the goods or an earlier date on which the lessee makes a tender of the goods to the lessor, (ii) the present value as of the date determined under clause (i) of the total rent for the then remaining lease term of the original lease agreement minus the present value as of the same date of the market rent at the place where the goods are located computed for the same lease term, and (iii) any incidental damages allowed under § 6A-2.1-530, less expenses saved in consequence of the lessee’s default.
(2) If the measure of damages provided in subsection (1) is inadequate to put a lessor in as good a position as performance would have, the measure of damages is the present value of the profit, including reasonable overhead, the lessor would have made from full performance by the lessee, together with any incidental damages allowed under § 6A-2.1-530, due allowance for costs reasonably incurred and due credit for payments or proceeds of disposition.
History of Section.P.L. 1991, ch. 305, § 1; P.L. 2007, ch. 19, § 7; P.L. 2007, ch. 34, § 7.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Section 6A-2.1-523. - Lessor’s remedies.
Section 6A-2.1-524. - Lessor’s right to identify goods to lease contract.
Section 6A-2.1-525. - Lessor’s right to possession of goods.
Section 6A-2.1-526. - Lessor’s stoppage of delivery in transit or otherwise.
Section 6A-2.1-527. - Lessor’s rights to dispose of goods.
Section 6A-2.1-529. - Lessor’s action for the rent.
Section 6A-2.1-530. - Lessor’s incidental damages.
Section 6A-2.1-531. - Standing to sue third parties for injury to goods.