New Jersey § 12a:2a-529

§ 12a:2a-529.

(1) After default by the lessee under the lease contract of the type described in

12A:2A-523(1) or 12A:2A-523(3)(a) or, if agreed, after other default by the lessee,

if the lessor complies with subsection (2), the lessor may recover from the lessee

as damages: (a) for goods accepted by the lessee and not 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 (12A: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 12A:2A-530, less expenses saved in

consequence of the lessee's default; and (b) for goods identified to the lease contract if the lessor is unable after reasonable

effort to dispose of them at a reasonable price or the circumstances reasonably indicate

that effort will be unavailing, (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 12A:2A-530, less expenses saved in consequence of the lessee's

default. (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 12A:2A-527 or

12A: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 12A:2A-527 or 12A: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 default by the lessee under the lease contract of the type described in

12A:2A-523(1) or 12A:2A-523(3)(a) or, if agreed, after other default by the lessee,

a lessor who is held not entitled to rent under this section must nevertheless be

awarded damages for nonacceptance under 12A:2A-527 or 12A:2A-528.