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Can you summarize MNST 336.2A-501?
UNIFORM COMMERCIAL CODE > DEFAULT; PROCEDURE.
Short Summary
This legal document pertains to lease contracts and applies to both lessors and lessees. It determines whether the lessor or the lessee is in default under a lease contract based on the lease agreement and this article. If either party is in default, the party seeking enforcement has rights and remedies as provided in this article and the lease agreement. The party seeking enforcement may reduce their claim to judgment or enforce the lease contract through self-help or available judicial or nonjudicial procedures. The rights and remedies mentioned in this document are cumulative, unless otherwise provided. If the lease agreement covers both real property and goods, the party seeking enforcement may proceed under this part for goods or under other applicable law for both real property and goods. This document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Lessors and lessees
What does it govern?
Lease contracts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota