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Can you summarize MGL Chapter 106, Article 2A?
UNIFORM COMMERCIAL CODE > LEASES
Short Summary
These legal documents, governed by the Massachusetts General Law, specifically under the Uniform Commercial Code for Leases, cover various aspects of lease contracts. They outline the rights and remedies of lessors and lessees, damages recoverable in case of default, disposition of goods, revocation of acceptance, risk of loss, warranties, insurance, and other related aspects of lease agreements. The documents provide guidelines for the allocation of risk, identification of goods, exclusion or modification of warranties, insurance requirements, and the rights and obligations of the parties involved. They also address the remedies available in case of default, the disposal of goods, and the calculation of damages. The documents apply to lessors, lessees, and third parties involved in lease contracts for goods. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Lessors, lessees, and third parties involved in lease contracts for goods
What does it govern?
Lease contracts, rights and remedies of lessors and lessees, damages, default, disposition of goods, revocation of acceptance, risk of loss, warranties, insurance, and other related aspects of lease agreements
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Massachusetts