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Can you summarize MNST 336.2A-308?
UNIFORM COMMERCIAL CODE > SPECIAL RIGHTS OF CREDITORS.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, addresses the special rights of creditors. It outlines the circumstances under which a creditor of a lessor or seller may treat a lease contract or sale as void if retention of possession by the lessor or seller is deemed fraudulent. However, if the retention of possession is in good faith and within a commercially reasonable time, it is not considered fraudulent. The document also states that the rights of creditors of a lessor are not impaired if the lease contract is made in satisfaction of a preexisting claim and would be considered a fraudulent transfer or voidable preference under other statutes or rules of law. Additionally, it mentions that a creditor of a seller may treat a sale or identification of goods as void if retention of possession by the seller is fraudulent, except if the buyer bought the goods for value and in good faith. The document does not specify any penalties for non-compliance or violations. Overall, it provides guidance on the rights of creditors in relation to lease contracts and sales transactions.
Whom does it apply to?
Creditors of lessors and sellers
What does it govern?
Special rights of creditors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota