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Can you summarize MNST 336.2A-506?
UNIFORM COMMERCIAL CODE > STATUTE OF LIMITATIONS.
Short Summary
This statute of limitations governs actions for default under a lease contract, including breach of warranty or indemnity. The statute requires that such actions must be commenced within four years after the cause of action accrued. However, if the lease contract is not a consumer lease, the parties may reduce the period of limitation to not less than one year in the original lease contract. The cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later. Similarly, the cause of action for indemnity accrues when the act or omission on which the claim for indemnity is based is or should have been discovered by the indemnified party. If an action commenced within the time limited by the statute is terminated in a way that leaves available a remedy by another action for the same default or breach of warranty or indemnity, the other action may be commenced after the expiration of the time limited and within six months after the termination of the first action, unless the termination resulted from voluntary discontinuance or from dismissal for failure or neglect to prosecute. It is important to note that this statute does not alter the law on tolling of the statute of limitations, nor does it apply to causes of action that have accrued before this article becomes effective.
Whom does it apply to?
Parties involved in a lease contract
What does it govern?
Default under a lease contract, including breach of warranty or indemnity
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota