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Can you summarize MNST 336.2A-402?
UNIFORM COMMERCIAL CODE > ANTICIPATORY REPUDIATION.
Short Summary
This legal provision, found in the Minnesota Statutes under the Uniform Commercial Code, pertains to lease contracts and anticipatory repudiation. If one party repudiates a lease contract for a performance that is not yet due and the loss of that performance substantially impairs the value of the lease contract for the other party, the aggrieved party has several options. They can await retraction of the repudiation and performance by the repudiating party for a commercially reasonable time, make a demand for assurance of future performance, or resort to any right or remedy upon default under the lease contract or this article. The aggrieved party may also suspend performance or proceed with the lessor’s right to identify goods to the lease contract or salvage unfinished goods. This provision provides guidance on the actions that can be taken in case of anticipatory repudiation in lease contracts.
Whom does it apply to?
Parties involved in lease contracts
What does it govern?
Lease contracts and performance under lease contracts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota