§ 25-2A-507. Proof of market rent: time and place. - North Carolina Statutes

§25‑2A‑507.  Proof of market rent: time and place.

(1)        Damages based onmarket rent (G.S. 25‑2A‑519 or G.S. 25‑2A‑528) aredetermined according to the rent for the use of the goods concerned for a leaseterm identical to the remaining lease term of the original lease agreement andprevailing at the times specified in G.S. 25‑2A‑519 and G.S. 25‑2A‑528.

(2)        If evidence of rentfor the use of the goods concerned for a lease term identical to the remaininglease term of the original lease agreement and prevailing at the times orplaces described in this Article is not readily available, the rent prevailingwithin any reasonable time before or after the time described or at any otherplace or for a different lease term which in commercial judgment or under usageof trade would serve as a reasonable substitute for the one described may beused, making any proper allowance for the difference, including the cost oftransporting the goods to or from the other place.

(3)        Evidence of arelevant rent prevailing at a time or place or for a lease term other than theone described in this Article offered by one party is not admissible unless anduntil he has given the other party notice the court finds sufficient to preventunfair surprise.

(4)        If the prevailingrent or value of any goods regularly leased in any established market is inissue, reports in official publications or trade journals or in newspapers orperiodicals of general circulation published as the reports of that market areadmissible in evidence.  The circumstances of the preparation of the report maybe shown to affect its weight but not its admissibility. (1993,c. 463, s. 1.)