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Can you summarize MNST 336.2A-103?
UNIFORM COMMERCIAL CODE > DEFINITIONS AND INDEX OF DEFINITIONS.
Short Summary
This legal document contains definitions and provisions related to lease contracts under the Uniform Commercial Code (UCC). It defines various terms such as ‘buyer in ordinary course of business,’ ‘commercial unit,’ ‘conforming goods,’ ‘consumer lease,’ ‘fault,’ ‘finance lease,’ ‘goods,’ ‘installment lease contract,’ ’lease,’ ’lease agreement,’ ’lease contract,’ ’leasehold interest,’ ’lessee,’ ’lessee in ordinary course of business,’ ’lessor,’ ’lessor’s residual interest,’ ’lien,’ ’lot,’ ‘merchant lessee,’ ‘present value,’ ‘purchase,’ ‘sublease,’ ‘supplier,’ ‘supply contract,’ and ’termination.’ The document also references definitions from other articles of the UCC that apply to this article. It provides a comprehensive framework for understanding lease contracts and the rights and obligations of lessors and lessees.
Whom does it apply to?
This article applies to individuals and businesses engaged in leasing or renting goods.
What does it govern?
Uniform Commercial Code (UCC) provisions related to lease contracts and the rights and obligations of lessors and lessees.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota