2025 Session Last amended: 1991 session

§ 336.2A-507 — Proof of Market Rent; Time and Place

Plain-Language Summary

This section governs how to prove market rent when calculating lease damages. Market-rent damages are measured by the rent for an identical lease term prevailing at the times the law specifies. If rent for that exact term is not readily available, a reasonable substitute (a different time, place, or term) may be used with proper allowances, but a party must give the other side advance notice before offering such substitute evidence. Published market reports in trade journals, newspapers, or periodicals are admissible to show prevailing rent.

336.2A-507 PROOF OF MARKET RENT; TIME AND PLACE.

(1) Damages based on market rent (section 336.2A-519 or 336.2A-528) are determined according to the rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times specified in sections 336.2A-519 and 336.2A-528.

(2) If evidence of rent for the use of the goods concerned for a lease term identical to the remaining lease term of the original lease agreement and prevailing at the times or places described in this article is not readily available, the rent prevailing within any reasonable time before or after the time described or at any other place or for a different lease term which in commercial judgment or under usage of trade would serve as a reasonable substitute for the one described may be used, making any proper allowance for the difference, including the cost of transporting the goods to or from the other place.

(3) Evidence of a relevant rent prevailing at a time or place or for a lease term other than the one described in this article offered by one party is not admissible unless and until the party has given the other party notice the court finds sufficient to prevent unfair surprise.

(4) If the prevailing rent or value of any goods regularly leased in any established market is in issue, reports in official publications or trade journals or in newspapers or periodicals of general circulation published as the reports of that market are admissible in evidence. The circumstances of the preparation of the report may be shown to affect its weight but not its admissibility.

History:

1989 c 232 art 1 s 2A-507; 1991 c 171 art 1 s 11

History: History: 1989 c 232 art 1 s 2A-507; 1991 c 171 art 1 s 11

Practical Notes

When proving lease damages based on market rent, you compare against rent for the same length of lease at the times the statute sets. If that exact figure is not available, you can use a close substitute (another time, place, or term) as long as you adjust for the difference and give the other party enough notice to avoid unfair surprise. Official market reports from trade journals, newspapers, or periodicals can be used as evidence of prevailing rent.

Source: Minnesota Office of the Revisor of Statutes