Print
The Vermont Statutes Online
Title
09A
:
Uniform Commercial Code
Chapter
002A
:
Leases
§
2A-528. Lessor's damages for non-acceptance, failure to pay, repudiation, or
other default
(1) Except as
otherwise provided with respect to damages liquidated in the lease agreement (§
2A-504) or otherwise determined pursuant to agreement of the parties (§§ 1-302
and 2A-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 section 2A-527(2) of this title, or
is by sale or otherwise, the lessor may recover from the lessee as damages for
a default of the type described in section 2A-523(1) or 2A-523(3)(a) of this
title, 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 section 2A-530 of
this title, less expenses saved in consequence of the lessee's default.
(2) If the
measure of damages provided in subsection (1) of this section 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 section 2A-530 of this title, due allowance
for costs reasonably incurred and due credit for payments or proceeds of
disposition. (Added 1993, No. 158 (Adj. Sess.), § 10, eff. Jan. 1, 1995;
amended 2007, No. 99 (Adj. Sess.), § 10.)