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Can you summarize MTCO Title 30, Chapter 2A?
TRADE AND COMMERCE > UNIFORM COMMERCIAL CODE LEASES
Short Summary
The provided legal document governs the performance of lease contracts under the Montana Code, specifically addressing finance leases that are not consumer leases. It states that the lessee’s promises under the lease contract become irrevocable and independent upon the lessee’s acceptance of the goods. These promises are enforceable between the parties and by or against third parties, and cannot be canceled, terminated, modified, repudiated, excused, or substituted without the consent of the party to whom the promise runs. However, this section does not affect the validity of any covenant in a lease contract that makes the lessee’s promises irrevocable and independent upon acceptance of the goods. The document also outlines rules for excusing performance in certain circumstances, such as when agreed berthing, loading, or unloading facilities fail, or when the agreed means or manner of payment fails due to governmental regulation. It further addresses the repudiation of a lease contract before performance is due, providing options for the aggrieved party to await retraction of the repudiation, demand assurance of future performance, or resort to any right or remedy upon default. Additionally, the document imposes an obligation on each party to ensure that the other party’s expectation of receiving due performance is not impaired, allowing the insecure party to demand adequate assurance of due performance and suspend performance until assurance is received. If assurance is not provided within a reasonable time, it constitutes a repudiation of the lease contract. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Individuals or entities involved in lease contracts, including lessors, lessees, buyers, sublessees, creditors, and merchants
What does it govern?
Performance of lease contracts under the Montana Code, specifically addressing finance leases that are not consumer leases
What are exemptions?
No specific exemptions are mentioned in the documents
What are the Penalties?
No specific penalties are mentioned in the documents
Jurisdiction
Montana