§490:2A-527  Lessor's rights to dispose of
goods.  (a)  After a default by a lessee under the lease contract of the
type described in section 490:2A-523(a) or 490:2A-523(c)(1) or after the lessor
refuses to deliver or takes possession of goods (section 490:2A-525 or
490:2A-526), or, if agreed, after other default by a lessee, the lessor may
dispose of the goods concerned or the undelivered balance thereof by lease,
sale, or otherwise.



(b)  Except as otherwise provided with respect
to damages liquidated in the lease agreement (section 490:2A-504) or otherwise
determined pursuant to agreement of the parties (sections 490:1-302 and
490:2A-503), if the disposition is by 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 lessor may recover from the lessee
as damages (i) accrued and unpaid rent as of the date of the commencement of
the term of the new lease agreement, (ii) the present value, as of the same
date, 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 rent under the
new lease agreement applicable to that period of the new lease term that is
comparable to the then remaining term of the original lease agreement, and
(iii) any incidental damages allowed under section 490:2A-530, less expenses
saved in consequence of the lessee's default.



(c)  If the lessor's disposition is by lease
agreement that for any reason does not qualify for treatment under subsection
(b), or is by sale or otherwise, the lessor may recover from the lessee as if
the lessor had elected not to dispose of the goods and section 490:2A-528
governs.



(d)  A subsequent buyer or lessee who buys or
leases from the lessor in good faith for value as a result of a disposition
under this section takes the goods free of the original lease contract and any
rights of the original lessee even though the lessor fails to comply with one
or more of the requirements of this article.



(e)  The lessor is not accountable to the
lessee for any profit made on any disposition.  A lessee who has rightfully
rejected or justifiably revoked acceptance shall account to the lessor for any
excess over the amount of the lessee's security interest (section
490:2A-508(e)). [L 1991, c 40, pt of §1; am L 2004, c 162, §9]