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Can you summarize MNST 336.2A-309?
UNIFORM COMMERCIAL CODE > LESSOR'S AND LESSEE'S RIGHTS WHEN GOODS BECOME FIXTURES.
Short Summary
This section of the Minnesota Statutes, under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become fixtures. It defines fixtures as goods that are so related to particular real estate that an interest in them arises under real estate law. It also explains the concept of fixture filing, which is the filing of a financing statement covering goods that are or are to become fixtures. The section distinguishes between purchase money leases and ordinary building materials incorporated into improvements on land. It clarifies that this article does not prevent the creation of a lease of fixtures pursuant to real estate law. The section establishes the priority of a lessor’s interest in fixtures over conflicting interests of encumbrancers or owners of the real estate based on various conditions. It also addresses the priority of a lessor’s interest in readily removable fixtures, the subordination of a lessor’s interest to a construction mortgage, and the priority rules governing conflicting interests in real estate. Additionally, it outlines the rights of a lessor or lessee to remove fixtures from the real estate under certain circumstances. Finally, it mentions that the interest of a lessor of fixtures is perfected by filing a financing statement as a fixture filing in accordance with the relevant provisions of the Article on Secured Transactions.
Whom does it apply to?
Lessors and lessees of goods that become fixtures
What does it govern?
Rights of lessors and lessees when goods become fixtures
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota