| (1) |
Except as otherwise provided with respect to damages liquidated in the lease agreement as provided in Section 70A-2a-504 or otherwise determined pursuant to agreement of the parties as provided in Sections 70A-1a-302 and 70A-2a-503, if a lessee elects not to cover or a lessee elects to cover and the cover is by lease agreement whether or not the lease agreement qualifies for treatment under Subsection 70A-2a-518(2), or is by purchase or otherwise, the measure of damages for default by the lessor under Section 70A-2a-508 is the present value, as of the date of the default, of the then market rent minus the present value as of the same date of the original rent, computed for the remaining lease term of the original lease agreement together with incidental and consequential damages, less expenses saved in consequence of the lessor’s default. |
Terms Used In Utah Code 70A-2a-519
- 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 Utah Code 70A-2a-103
- Lease: means a transfer of the right to possession and use of goods for a term, in return for consideration. See Utah Code 70A-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
- Lessee: means a person who acquires the right to possession and use of goods under a lease. See Utah Code 70A-2a-103
- Lessor: means a person who transfers the right to possession and use of goods under a lease. See Utah Code 70A-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 Utah Code 70A-2a-103
- Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift, or any other voluntary transaction creating an interest in goods. See Utah Code 70A-2a-103
| (2) |
Market rent is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival. |
| (3) |
Except as otherwise agreed, if the lessee has accepted goods and given notification as provided in Subsection 70A-2a-516(3), the measure of damages for nonconforming tender or delivery or other default by a lessor is the loss resulting in the ordinary course of events from the lessor’s default as determined in any manner that is reasonable together with incidental and consequential damages, less expenses saved in consequence of the lessor’s default. |
| (4) |
Except as otherwise agreed, the measure of damages for breach of warranty is the present value at the time and place of acceptance of the difference between the value of the use of the goods accepted and the value if they had been as warranted for the lease term, unless special circumstances show proximate damages of a different amount, together with incidental and consequential damages, less expenses saved in consequence of the lessor’s default or breach of warranty. |
Amended by Chapter 272, 2007 General Session
