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Can you summarize MNST 336.2A-528?
UNIFORM COMMERCIAL CODE > LESSOR'S DAMAGES FOR NONACCEPTANCE, FAILURE TO PAY, REPUDIATION, OR OTHER DEFAULT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the lessor’s damages in cases of nonacceptance, failure to pay, repudiation, or other default by the lessee. The document outlines the damages that the lessor may recover, including accrued and unpaid rent, the present value of the remaining lease term minus the market rent, and any incidental damages. If the measure of damages provided is inadequate, the lessor may claim the present value of the profit they would have made from full performance by the lessee, along with incidental damages and allowances for costs and payments. The document does not specify any exemptions or penalties related to the lessor’s damages.
Whom does it apply to?
Lessors and lessees involved in lease agreements
What does it govern?
Lessor's damages for nonacceptance, failure to pay, repudiation, or other default
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota