(810 ILCS 5/2A-518)
(from Ch. 26, par. 2A-518)
Cover; substitute goods.
(1) After a default by a lessor under the lease contract
of the type described in Section 2A-508(1), or, if agreed, after other
default by the lessor, the lessee may cover by making any purchase or lease
of or contract to purchase or lease goods in substitution for those due
from the lessor.
(2) Except as otherwise provided with respect to damages liquidated in
the lease agreement (Section 2A-504) or otherwise determined pursuant to
agreement of the parties (Sections 1-302
and 2A-503), if a lessee's
cover is by a lease agreement substantially similar to the original lease
agreement and the new lease agreement is made in good faith and in a
commercially reasonable manner, the lessee may recover
from the lessor as damages (i) the present value, as of the date
of the commencement of the term of the new lease agreement, of the rent under
the new lease agreement applicable to that period of the new lease
term which is comparable to the then remaining term of the original lease
agreement minus the present value as of the same date of the total rent for the
then remaining lease term of the original lease agreement, and (ii) any
incidental or consequential damages, less expenses saved in
consequence of the lessor's default.
(3) If a lessee's cover is by lease agreement that for any reason does
not qualify for treatment under subsection (2), or is by purchase or
otherwise, the lessee may recover from the lessor as if the lessee had
elected not to cover and Section 2A-519 governs.
(Source: P.A. 95-895, eff. 1-1-09.)