Section 2A-530 – Lessor’s Incidental Damages
Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the lessee’s default, in connection with return or disposition of the goods, or otherwise resulting from the default.
Section 2A-531 – Standing to Sue Third Parties for Injury to Goods
(1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (a) the lessor has a right of action against the third party, and (b) the lessee also has a right of action against the third party if […]
Section 2A-532 – Lessor’s Rights to Residual Interest
In addition to any other recovery permitted by this title or other law, the lessor may recover from the lessee an amount that will fully compensate the lessor for any loss of or damage to the lessor’s residual interest in the goods caused by the default of the lessee.
Section 2A-503 – Modification or Impairment of Rights and Remedies
(1) Except as otherwise provided in this title, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in this title and may limit or alter the measure of damages recoverable under this title. (2) Resort to a remedy provided under this title or in the lease agreement […]
Section 2A-519 – Lessee’s Damages for Nondelivery, Repudiation, Default, and Breach of Warranty in Regard to Accepted Goods
(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 lessee elects not to cover or a lessee elects to cover and the cover is by lease agreement that for any reason does not qualify […]
Section 2A-504 – Liquidation of Damages
(1) Damages payable by either party for default, or any other act or omission, including indemnity for loss or diminution of anticipated tax benefits or loss or damage to the lessor’s residual interest, may be liquidated in the lease agreement but only at an amount or by a formula that is reasonable in light of the […]
Section 2A-505 – Cancellation and Termination and Effect of Cancellation, Termination, Rescission, or Fraud on Rights and Remedies
(1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the cancelling party also retains any remedy for default of the whole lease contract or any unperformed balance. (2) On termination of the lease contract, all obligations that […]
Section 2A-506 – Statute of Limitations
(1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. (2) A cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by […]
Section 2A-507 – Proof of Market Rent: Time and Place
(1) Damages based on market rent (§ 2A-519 or § 2A-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 §§ 2A-519 and 2A-528. (2) If evidence of rent for the […]
Section 2A-508 – Lessee’s Remedies
(1) If a lessor fails to deliver the goods in conformity to the lease contract (§ 2A-509) or repudiates the lease contract (§ 2A-402), or a lessee rightfully rejects the goods (§ 2A-509) or justifiably revokes acceptance of the goods (§ 2A-517), then with respect to any goods involved, and with respect to all of the […]