1. (1) After a default by a lessor under the lease contract of the type described in subsection (1) of Section 2A-508 of this title, or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due from the lessor.

2. (2) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2A-504 of this title) or otherwise determined pursuant to agreement of the parties (subsection (c) of Section 15 of this act and Section 2A-503 of this title), if a lessee's cover is by a 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 lessee may recover from the lessor as damages:

   1. (i) the present value, as of the date of the commencement of the term of the new lease agreement, of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement minus the present value as of the same date of the total rent for the then remaining lease term of the original lease agreement, and
   2. (ii) any incidental or consequential damages less expenses saved in consequence of the lessor's default.

3. (3) If a lessee's cover is by lease agreement that for any reason does not qualify for treatment under subsection (2) of this section, or is by purchase or otherwise, the lessee may recover from the lessor as if the lessee had elected not to cover and Section 2A-519 of this title governs.

   Oklahoma Code Comment

   This section and § 2A-519 furnish the lessee with, subject to amended § 2A-501, alternative (see Official Comment to § 2A-508) and elective (see Official Comment to this section) remedies for the lessor's default as defined in § 2A-508(1) or by agreement. There is a comparable set of elective alternatives for the lessor in §§ 2A-527 and 2A-528 as described in § 2A-523. Some issues common to both sets of remedies are discussed in the Oklahoma Comments to the lessor's remedies.

   The 1991 amendments make certain changes described in the Supplementary Commentary.
   

Laws 1988, HB 1683, c. 86, § 65, eff. November 1, 1988; Amended by Laws 1991, SB 25, c. 117, § 18, eff. January 1, 1992; Amended by Laws 2005, HB 2028, c. 139, § 30, eff. January 1, 2006 (superseded document available).