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Can you summarize MNST 336.2A-523?
UNIFORM COMMERCIAL CODE > LESSOR'S REMEDIES.
Short Summary
This legal document governs the remedies available to the lessor in case of default by the lessee under a lease contract. If the lessee wrongfully rejects or revokes acceptance of goods, fails to make a payment when due, or repudiates with respect to a part or the whole, the lessor may pursue various remedies. These include canceling the lease contract, proceeding with goods not identified to the lease contract, withholding delivery of goods, stopping delivery of goods by any bailee, disposing of the goods and recovering damages, retaining the goods and recovering damages, or recovering rent. The lessor may also exercise any other rights or pursue any other remedies provided in the lease contract. If the lessor does not fully exercise a right or obtain a remedy, they may recover the loss resulting from the lessee’s default, together with incidental damages. If the lessee is otherwise in default, the lessor may exercise the rights and pursue the remedies provided in the lease agreement, which may include the right to cancel the lease. The lessor’s rights and remedies depend on whether the default substantially impairs the value of the lease contract or not.
Whom does it apply to?
Lessee and lessor under a lease contract
What does it govern?
Lessor's remedies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Minnesota