2018 New Mexico Statutes
Chapter 55 - Uniform Commercial Code
Article 2A - Leases
Section 55-2A-507 - Proof of market rent; time and place.
(1) Damages based on market rent (Section 55-2A-519 or 55-2A-528 NMSA 1978) 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 Sections 55-2A-519 and 55-2A-528 NMSA 1978.
(2) 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.
(3) 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.
(4) 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.
History: 1978 Comp., § 55-2A-507, enacted by Laws 1992, ch. 114, § 62.
OFFICIAL COMMENTS
UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved.
Uniform Statutory Source: — Sections 2-723 and 2-724 [55-2-723 and 55-2-724 NMSA 1978, respectively].
Changes: — Revised to reflect leasing practices and terminology. Sections 2A-519 and 2A-528 [55-2A-519 and 55-2A-528 NMSA 1978, respectively] specify the times as of which market rent is to be determined.
"Goods". Section 2A-103(1)(h) [55-2A-103 NMSA 1978].
"Lease". Section 2A-103(1)(j) [55-2A-103 NMSA 1978].
"Lease agreement". Section 2A-103(1)(k) [55-2A-103 NMSA 1978].
"Notice". Section 1-201(25) [55-1-201 NMSA 1978].
"Party". Section 1-201(29) [55-1-201 NMSA 1978].
"Reasonable time". Section 1-204(1) and (2) [55-1-204 NMSA 1978].
"Usage of trade". Section 1-205 [55-1-205 NMSA 1978].
"Value". Section 1-201(44) [55-1-201 NMSA 1978].
Effective dates. — Laws 1992, ch. 114, § 238 made Laws 1992, ch. 114, § 62 effective July 1, 1992.
