Except as otherwise provided in this article or the lease agreement, the lessor or lessee in default under the lease contract is not entitled to notice of default or notice of enforcement from the other party to the lease agreement. History: 1989 c 232 art 1 s 2A-502

This legal document pertains to the modification or impairment of rights and remedies in lease agreements governed by the Uniform Commercial Code. The lease agreement may include additional or alternative rights and remedies for default, as well as limit or alter the measure of damages recoverable under the Uniform Commercial Code. The use of a remedy provided in the lease agreement or under the Uniform Commercial Code is optional, unless expressly agreed to be exclusive.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the liquidation of damages in lease agreements. It allows for the inclusion of provisions in lease agreements that determine the amount or formula for damages payable by either party in case of default or other acts or omissions. However, these provisions must be reasonable in light of the anticipated harm caused by the default or act. If the lease agreement includes a provision for liquidation of damages that does not comply with the reasonableness requirement or fails in its essential purpose, remedies can be sought as provided in this article.

This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the cancellation, termination, rescission, or fraud in lease contracts. It outlines the effects of cancellation and termination on the obligations of both parties involved in the lease contract. Upon cancellation, all remaining obligations are discharged, but rights based on prior default or performance still survive. Similarly, termination of the lease contract results in the discharge of remaining obligations, but rights based on prior default or performance continue.

This statute of limitations governs actions for default under a lease contract, including breach of warranty or indemnity. The statute requires that such actions must be commenced within four years after the cause of action accrued. However, if the lease contract is not a consumer lease, the parties may reduce the period of limitation to not less than one year in the original lease contract. The cause of action for default accrues when the act or omission on which the default or breach of warranty is based is or should have been discovered by the aggrieved party, or when the default occurs, whichever is later.

This legal document pertains to damages based on market rent in lease agreements for goods. It specifies that the determination of damages is based on the rent for the use of the goods concerned, which should be identical to the remaining lease term of the original lease agreement. The prevailing rent at the specified times or places, as described in sections 336.2A-519 and 336.2A-528 of the Uniform Commercial Code, should be used.

This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the remedies available to lessees in case of default by the lessor under a lease contract. If the lessor fails to deliver the goods in conformity to the lease contract, repudiates the lease contract, or if the lessee rightfully rejects or justifiably revokes acceptance of the goods, the lessee may pursue various remedies. These remedies include canceling the lease contract, recovering rent and security payments, covering and recovering damages for all affected goods, and exercising any other rights provided in the lease contract.

(1) Subject to the provisions of section 336.2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods. (2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor.

(1) Under an installment lease contract, a lessee may reject any delivery that is nonconforming if the nonconformity substantially impairs the value of that delivery and cannot be cured or the nonconformity is a defect in the required documents; but if the nonconformity does not fall within subsection (2) and the lessor or the supplier gives adequate assurance of its cure, the lessee must accept that delivery. (2) Whenever nonconformity or default with respect to one or more deliveries substantially impairs the value of the installment lease contract as a whole there is a default with respect to the whole.

This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the duties of merchant lessees regarding rightfully rejected goods. It states that if a lessor or supplier has no agent or place of business at the market of rejection, a merchant lessee must follow reasonable instructions received from the lessor or supplier regarding the goods. In the absence of instructions, the merchant lessee must make reasonable efforts to sell, lease, or dispose of the goods for the lessor’s account if they are at risk of declining in value quickly.