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Can you summarize MNST 336.9-405?
UNIFORM COMMERCIAL CODE > MODIFICATION OF ASSIGNED CONTRACT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the modification of assigned contracts. It states that a modification or substitution of an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. However, this provision is subject to certain conditions. It applies when the right to payment under an assigned contract has not been fully earned by performance or when the right to payment has been fully earned but the account debtor has not been notified of the assignment. It is important to note that this section does not apply to the assignment of health-care-insurance receivables. No specific penalties are mentioned in this document.
Whom does it apply to?
Assignees and account debtors
What does it govern?
Modification of assigned contracts
What are exemptions?
Health-care-insurance receivables
What are the Penalties?
No penalties mentioned.
Jurisdiction
Minnesota