S.B. 147                                                        VETOES

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 § 2A-530, LESS EXPENSES SAVED IN CONSEQUENCE OF
THE LESSEE'S DEFAULT.

(2) IF THE MEASURE OF DAMAGES PROVIDED IN SUBSECTION (1) 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 § 2A-530, DUE ALLOWANCE FOR COSTS REASONABLY INCURRED
AND DUE CREDIT FOR PAYMENTS OR PROCEEDS OF DISPOSITION.

2A-529. LESSOR'S ACTION FOR THE RENT

(1)      AFTER DEFAULT BY THE LESSEE UNDER THE LEASE CONTRACT OF THE
TYPE DESCRIBED IN § 2A-523(1) OR § 2A-523(3)(A) OR, IF AGREED, AFTER OTHER
DEFAULT BY THE LESSEE, IF THE LESSOR COMPLIES WITH SUBDIVISION (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
AFTER RISK OF LOSS PASSES TO THE LESSEE (§ 2A-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 § 2A-530, LESS EXPENSES SAVED IN CONSEQUENCE OF THE
LESSEE'S DEFAULT; AND

(B)      FOR GOODS IDENTIFIED TO THE LEASE CONTRACT WHERE THE
LESSOR HAS NEVER DELIVERED THE GOODS OR HAS TAKEN POSSESSION OF THEM
OR THE LESSEE HAS EFFECTIVELY TENDERED THEM BACK TO THE LESSOR IF THE
LESSOR IS UNABLE AFTER REASONABLE EFFORT TO DISPOSE OF THEM AT A
REASONABLE PRICE OR THE CIRCUMSTANCES REASONABLY INDICATE THAT SUCH
AN 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 §
2A-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.

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