South Dakota Codified Laws 57A-2A-528. Lessor’s damages for nonacceptance or repudiation
(1) Except as otherwise provided with respect to damages liquidated in the lease agreement (§ 57A-2A-504) or determined by agreement of the parties (§§ 57A-1-302 and 57A-2A-503), if a lessor elects to retain the goods or a lessor elects to dispose of the goods and disposition is by lease agreement, whether or not the lease agreement qualifies for treatment under § 57A-2A-527(2), or is by sale or otherwise, the lessor may recover from the lessee as damages for default by the lessee (§ 57A-2A-523(1)) (a) accrued and unpaid rent as of the date the lessor obtained possession of the goods or such earlier date as the lessee has made an effective tender of possession of the goods back to the lessor, (b) the present value as of the date determined under paragraph (a) of the difference between the total rent for the then remaining lease term of the original lease agreement and the market rent at the time determined under paragraph (a) and at the place where the goods were located on that date computed for the same lease term, and (c) any incidental damages allowed under § 57A-2A-530, 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 § 57A-2A-530, due allowance for costs reasonably incurred and due credit for payments or proceeds of disposition.
Terms Used In South Dakota Codified Laws 57A-2A-528
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (§. See South Dakota Codified Laws 57A-2A-103
- Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See South Dakota Codified Laws 57A-2A-103
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this chapter. See South Dakota Codified Laws 57A-2A-103
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See South Dakota Codified Laws 57A-2A-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See South Dakota Codified Laws 57A-2A-103
- Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See South Dakota Codified Laws 57A-2A-103
Source: SL 1989, ch 419, § 1; SL 1990, ch 390, § 24; SL 2008, ch 259, § 34.