repossessed by or tendered to the lessor, and for conforming goods lost or damaged within a commercially reasonable time after risk of loss passes to the lessee (Section 2A-219), (i) accrued and unpaid rent as of the date of entry of judgment in favor of the lessor, (ii) the present value as of the same date of the rent for the then remaining lease term of the lease agreement, and (iii) any incidental damages allowed under Section 2A-530, less expenses saved in consequence of the lessee's default; and
(2) Except as provided in subsection (3), the lessor shall
hold for the lessee for the remaining lease term of the lease
agreement any goods that have been identified to the lease
contract and are in the lessor's control.
(3) The lessor may dispose of the goods at any time
before collection of the judgment for damages obtained pursuant
to subsection (1). If the disposition is before the end of the remaining
lease term of the lease agreement, the lessor's recovery against the lessee
for damages is governed by Section 2A-527 or 2A-528, and the lessor will
cause an appropriate credit to be provided against a judgment for damages
to the extent that the amount of the judgment exceeds the recovery
available pursuant to Section 2A-527 or 2A-528.
(4) Payment of the judgment for damages obtained
pursuant to subsection (1) entitles the lessee to the use and
possession of the goods not then disposed of for the remaining
lease term of and in accordance with the lease agreement.
(5) After a lessee has wrongfully rejected or revoked
acceptance of goods, has failed to pay rent then due, or has
repudiated (Section 2A-402), a lessor who is held not entitled to
rent under this Section must nevertheless be awarded damages
for nonacceptance under Sections 2A-527 and 2A-528.
(Source: P.A. 87-493.)