Section 2-A-507. Proof of Market Rent: Time and Place  


Latest version.
  • (1)  Damages  based  on  market  rent (Section 2-A-519 or 2-A-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 Sections 2-A-519 and
      2-A-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
      Article 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 Article 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 of
      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.