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Can you summarize MNST 336.2A-507?
UNIFORM COMMERCIAL CODE > PROOF OF MARKET RENT; TIME AND PLACE.
Short Summary
This legal document pertains to damages based on market rent in lease agreements for goods. It specifies that the determination of damages is based on the rent for the use of the goods concerned, which should be identical to the remaining lease term of the original lease agreement. The prevailing rent at the specified times or places, as described in sections 336.2A-519 and 336.2A-528 of the Uniform Commercial Code, should be used. If evidence of such rent is not readily available, a reasonable substitute can be used, taking into account any differences, including transportation costs. The document also mentions that evidence of rent prevailing at a different time, place, or lease term is not admissible without sufficient notice to prevent unfair surprise. Additionally, reports in official publications, trade journals, newspapers, or periodicals of general circulation published as reports of established markets are admissible as evidence if the prevailing rent or value of goods regularly leased is in issue.
Whom does it apply to?
Parties involved in lease agreements for goods
What does it govern?
Damages based on market rent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota