If a lease contract requires goods identified when the lease contract is made, and the goods suffer casualty without fault of the lessee, the lessor or the supplier before delivery, or the goods suffer casualty before risk of loss passes to the lessee pursuant to the lease agreement or section 336.2A-219 , then: (a) if the loss is total, the lease contract is avoided; and (b) if the loss is partial or the goods have so deteriorated as to no longer conform to the lease contract, the lessee may nevertheless demand inspection and at the lessee’s option either treat the lease contract as avoided or, except in a finance lease, accept the goods with due allowance from the rent payable for the balance of the lease term for the deterioration or the deficiency in quantity but without further right against the lessor.

Except as otherwise provided in this article, a lease contract is effective and enforceable according to its terms between the parties, against purchasers of the goods and against creditors of the parties. History: 1989 c 232 art 1 s 2A-301

Except as otherwise provided in this article, each provision of this article applies whether the lessor or a third party has title to the goods, and whether the lessor, the lessee, or a third party has possession of the goods, notwithstanding any statute or rule of law that possession or the absence of possession is fraudulent. History: 1989 c 232 art 1 s 2A-302

This section of the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the alienability of a party’s interest under a lease contract or the lessor’s residual interest in goods, as well as the delegation of performance and transfer of rights. It outlines the provisions related to the transfer of interests and the consequences of such transfers in lease agreements. The section specifies that a provision in a lease agreement prohibiting the transfer of interests or making it an event of default gives rise to certain rights and remedies.

This legal provision, found in the Minnesota Statutes under the Uniform Commercial Code, governs the subsequent lease of goods by a lessor. It states that a subsequent lessee from a lessor of goods under an existing lease contract obtains the leasehold interest in the goods that the lessor had or had the power to transfer. However, the subsequent lessee takes subject to the existing lease contract, unless certain conditions are met.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the sale or sublease of goods by a lessee. It states that a buyer or sublessee from the lessee of goods under an existing lease contract obtains the leasehold interest in the goods to the extent of the interest transferred. However, they take subject to the existing lease contract, unless they fall under specific exceptions. A buyer or sublessee in the ordinary course of business from a lessee who is a merchant dealing in goods of that kind obtains all of the lessor’s and lessee’s rights to the goods and takes free of the existing lease contract.

If a person in the ordinary course of the person’s business furnishes services or materials with respect to goods subject to a lease contract, a lien upon those goods in the possession of that person given by statute or rule of law for those materials or services takes priority over any interest of the lessor or lessee under the lease contract or this article unless the lien is created by statute and the statute provides otherwise or unless the lien is created by rule of law and the rule of law provides otherwise.

(1) Except as otherwise provided in section 336.2A-306 , a creditor of a lessee takes subject to the lease contract. (2) Except as otherwise provided in subsection (3) and in sections 336.2A-306 and 336.2A-308 , a creditor of a lessor takes subject to the lease contract unless the creditor holds a lien that attached to the goods before the lease contract became enforceable. (3) Except as otherwise provided in sections 336.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, addresses the special rights of creditors. It outlines the circumstances under which a creditor of a lessor or seller may treat a lease contract or sale as void if retention of possession by the lessor or seller is deemed fraudulent. However, if the retention of possession is in good faith and within a commercially reasonable time, it is not considered fraudulent.

This section of the Minnesota Statutes, under the Uniform Commercial Code, governs the rights of lessors and lessees when goods become fixtures. It defines fixtures as goods that are so related to particular real estate that an interest in them arises under real estate law. It also explains the concept of fixture filing, which is the filing of a financing statement covering goods that are or are to become fixtures. The section distinguishes between purchase money leases and ordinary building materials incorporated into improvements on land.