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Can you summarize MNST 336.2A-508?
UNIFORM COMMERCIAL CODE > LESSEE'S REMEDIES.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the remedies available to lessees in case of default by the lessor under a lease contract. If the lessor fails to deliver the goods in conformity to the lease contract, repudiates the lease contract, or if the lessee rightfully rejects or justifiably revokes acceptance of the goods, the lessee may pursue various remedies. These remedies include canceling the lease contract, recovering rent and security payments, covering and recovering damages for all affected goods, and exercising any other rights provided in the lease contract. Additionally, if the goods have been identified, the lessee may recover them or, in certain cases, obtain specific performance or replevy the goods. The lessee may also exercise the rights and pursue the remedies provided in the lease contract in case of other defaults by the lessor or breach of warranty. Furthermore, on rightful rejection or justifiable revocation of acceptance, the lessee has a security interest in the goods and may hold and dispose of them in a commercially reasonable manner. The lessee may also deduct damages resulting from any default under the lease contract from the rent still due. No specific penalties are mentioned in this document.
Whom does it apply to?
Lessees and lessors involved in lease contracts
What does it govern?
Lessees' remedies in case of default by the lessor under a lease contract
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota