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Can you summarize MNST 336.2A-305?
UNIFORM COMMERCIAL CODE > SALE OR SUBLEASE OF GOODS BY LESSEE.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the sale or sublease of goods by a lessee. It states that a buyer or sublessee from the lessee of goods under an existing lease contract obtains the leasehold interest in the goods to the extent of the interest transferred. However, they take subject to the existing lease contract, unless they fall under specific exceptions. A buyer or sublessee in the ordinary course of business from a lessee who is a merchant dealing in goods of that kind obtains all of the lessor’s and lessee’s rights to the goods and takes free of the existing lease contract. The document also mentions that buyers or sublessees of goods covered by a certificate of title issued under a statute take no greater rights than those provided by this section and the certificate of title statute.
Whom does it apply to?
Buyers or sublessees from the lessee of goods under an existing lease contract
What does it govern?
Sale or sublease of goods by lessee
What are exemptions?
Exemptions are not mentioned in the provided content
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not mentioned in the provided content
Jurisdiction
Minnesota