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355.2A-507 Proof of market rent: time and place.
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Damages based on market rent (KRS 355.2A-519 or 355.2A-528) 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 the times
specified in KRS 355.2A-519 and 355.2A-528.
If evidence of 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 the times
or places described in this article is not readily available, the rent prevailing within
any reasonable time before or after the time described or at any other place or for a
different lease term which in commercial judgment or under usage of trade would
serve as a reasonable substitute for the one described may be used, making any
proper allowance for the difference, including the cost of transporting the goods to
or from the other place.
Evidence of a relevant rent prevailing at a time or place or for a lease term other
than the one described in this article offered by one party is not admissible unless
and until he has given the other party notice the court finds sufficient to prevent
unfair surprise.
If the prevailing rent or value of any goods regularly leased in any established
market is in issue, reports in official publications or trade journals or in newspapers
or periodicals of general circulation published as the reports of that market are
admissible in evidence. The circumstances of the preparation of the report may be
shown to affect its weight but not its admissibility.
Effective: January 1, 1993
History: Amended 1992 Ky. Acts ch. 116, sec. 12, effective January 1, 1993 -- Created
1990 Ky. Acts ch. 363, sec. 54, effective January 1, 1991.
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