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Can you summarize MNST 336.2A-405?
UNIFORM COMMERCIAL CODE > EXCUSED PERFORMANCE.
Short Summary
This legal provision, found in the Minnesota Statutes under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, pertains to excused performance in lease contracts. It states that if a lessor or supplier is unable to deliver or delays delivery due to an unforeseen contingency or compliance with governmental regulations, it will not be considered a default under the lease contract. The lessor or supplier must allocate production and deliveries among customers in a fair and reasonable manner. Additionally, the lessor must notify the lessee of any delay or nondelivery and provide information on the estimated quota available for the lessee. This provision does not specify any penalties or exemptions.
Whom does it apply to?
Lessors, suppliers, lessees, and finance lease suppliers
What does it govern?
Excused performance
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota