2-A-529 - Lessor's Action for the Rent.

Section 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.