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Can you summarize MNST 336.2A-310?
UNIFORM COMMERCIAL CODE > LESSOR'S AND LESSEE'S RIGHTS WHEN GOODS BECOME ACCESSIONS.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become accessions. Goods are considered accessions when they are installed in or affixed to other goods. The document outlines the superior interests of lessors and lessees under lease contracts entered into before or after the goods became accessions. These interests are generally superior to subsequently acquired interests in the whole, except for certain exceptions. The document also specifies that the interests of lessors and lessees are subordinate to the interests of buyers or lessees in the ordinary course of business who acquire interests after the goods became accessions, as well as creditors with security interests in the whole perfected before the lease contract was made. The document further provides the rights of lessors and lessees to remove the goods from the whole under certain circumstances, subject to reimbursement for any physical injury repair costs. Overall, this document establishes the rights and priorities of lessors and lessees in relation to accessions.
Whom does it apply to?
Lessors and lessees under lease contracts
What does it govern?
Rights of lessors and lessees when goods become accessions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota