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Can you summarize MNST 336.2A-219?
UNIFORM COMMERCIAL CODE > RISK OF LOSS.
Short Summary
This provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the risk of loss in lease contracts. In general, the risk of loss is retained by the lessor and does not pass to the lessee, except in the case of a finance lease where the risk of loss passes to the lessee. If the lease contract requires or authorizes the goods to be shipped by carrier, the risk of loss passes to the lessee when the goods are duly delivered to the carrier. If the goods are held by a bailee to be delivered without being moved, the risk of loss passes to the lessee on acknowledgment by the bailee of the lessee’s right to possession of the goods. In any other case, the risk of loss passes to the lessee on the lessee’s receipt of the goods if the lessor or supplier is a merchant; otherwise, the risk passes to the lessee on tender of delivery.
Whom does it apply to?
Lessors and lessees in lease contracts
What does it govern?
Risk of loss in lease contracts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota