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Can you summarize MNST 336.2A-527?
UNIFORM COMMERCIAL CODE > LESSOR'S RIGHTS TO DISPOSE OF GOODS.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the rights of a lessor to dispose of goods in the event of default by a lessee under a lease contract. The lessor has the option to dispose of the goods through lease, sale, or other means after a lessee’s default or refusal to deliver the goods. If the disposition is done through a lease agreement similar to the original one and in good faith, the lessor may recover accrued and unpaid rent, the present value of the remaining lease term, and any incidental damages allowed. If the disposition does not qualify for treatment under the mentioned conditions, the lessor may recover as if they had not disposed of the goods. A subsequent buyer or lessee who acquires the goods in good faith takes them free of the original lease contract and any rights of the original lessee. The lessor is not accountable to the lessee for any profit made on the disposition. No specific penalties are mentioned in this document.
Whom does it apply to?
Lessors and lessees involved in lease contracts
What does it govern?
Disposition of goods by a lessor in the event of default by a lessee under a lease contract
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota