Source: http://www.law.cornell.edu/ucc/2A/2A-504
Timestamp: 2014-11-23 09:54:35
Document Index: 235091512

Matched Legal Cases: ['§ 2', 'ART 5', '§ 2', '§ 2', '§ 2', '§ 2']

§ 2A-504. LIQUIDATION OF DAMAGES. | UCC - Uniform Commercial Code | LII / Legal Information Institute
Uniform Commercial Code › U.C.C. - ARTICLE 2A - LEASES (2002) › PART 5. DEFAULT › § 2A-504. LIQUIDATION OF DAMAGES. § 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 lessor's residual interest, may be liquidated in the lease agreementbut only at an amount or by a formula that is reasonable in light of the then anticipated harm caused by the default or other act or omission.
(2) If the lease agreementprovides for liquidation of damages, and such provision does not comply with subsection (1), or such provision is an exclusive or limited remedy that circumstances cause to fail of its essential purpose, remedy may be had as provided in this Article.
(a) the amount to which the lessoris entitled by virtue of terms liquidating the lessor's damages in accordance with subsection (1); or
(4) A lessee's right to restitution under subsection (3) is subject to offset to the extent the lessorestablishes:
‹ § 2A-503. MODIFICATION OR IMPAIRMENT OF RIGHTS AND REMEDIES.
§ 2A-505. CANCELLATION AND TERMINATION AND EFFECT OF CANCELLATION, TERMINATION, RESCISSION, OR FRAUD ON RIGHTS AND REMEDIES. ›