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Can you summarize MNST 336.2A-529?
UNIFORM COMMERCIAL CODE > LESSOR'S ACTION FOR THE RENT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the lessor’s action for the rent in lease contracts. In case of default by the lessee, the lessor may recover damages from the lessee, including accrued and unpaid rent, the present value of the rent for the remaining lease term, and any incidental damages allowed under the relevant sections. The lessor is required to hold identified goods in their control for the remaining lease term, but may dispose of them before collecting the judgment for damages. Payment of the judgment entitles the lessee to use and possession of the remaining goods. The document also mentions that a lessor who is not entitled to rent must still be awarded damages for nonacceptance of goods or loss of the lessor’s residual interest caused by the lessee’s default. No specific penalties are mentioned in this document.
Whom does it apply to?
Lessees and lessors involved in lease contracts
What does it govern?
Lessor's action for the rent
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota