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(810 ILCS 5/2A-528) (from Ch. 26, par. 2A-528)
Sec. 2A-528. Lessor's damages for nonacceptance, failure to pay,
repudiation, or other default.
(1) 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 lessor elects
to retain the goods or a lessor elects to dispose of the goods
and the disposition is by lease agreement that for any reason does
not qualify for treatment under Section 2A-527(2), or is by sale
or otherwise, the lessor may recover from the lessee as damages
for a default of the type described in Section 2A-523(1) or 2A-523(3)(a)
or, if agreed, for other default of the lessee, (i) accrued and
unpaid rent as of the date of default if the lessee has never taken
possession of the goods, or, if the lessee has taken possession of the
goods, as of the date the lessor repossesses the goods or an earlier date
on which the lessee makes a tender of the goods to the lessor, (ii) the
present value as of the date determined under clause (i) of the total rent
for the then remaining lease term of the original lease agreement minus the
present value as of the same date of the market rent at the place where the
goods are located computed for the same lease term, and (iii) any
incidental damages allowed under Section 2A-530, less expenses saved in
consequence of the lessee's default.
(2) If the measure of damages provided in subsection (1) is inadequate
to put a lessor in as good a position as performance would have, the
measure of damages is the present value of the profit, including reasonable
overhead, the lessor would have made from full performance by the lessee,
together with any incidental damages allowed under Section 2A-530, due
allowance for costs reasonably incurred and due credit for payments or
proceeds of disposition.
(Source: P.A. 95-895, eff. 1-1-09.)
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