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Can you summarize NHRS 382-A:2A-507?
UNIFORM COMMERCIAL CODE > Proof of Market Rent; Time and Place.
Short Summary
This legal document, sourced from the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), pertains to the determination of damages based on market rent for lease agreements involving goods. The document states that damages based on market rent 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 specified times. If evidence of rent for the use of the goods concerned is not readily available, the rent prevailing within a reasonable time before or after the specified time, at any other place, or for a different lease term may be used as a reasonable substitute. The document also addresses the admissibility of evidence of relevant rent prevailing at a different time, place, or lease term, and allows reports in official publications or trade journals to be admissible as evidence for the prevailing rent or value of goods regularly leased in any established market. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Parties involved in lease agreements for goods
What does it govern?
Proof of Market Rent; Time and Place
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire