Title Minnesota Statutes, Minnesota Statutes

336.2A-512 LESSEE'S DUTIES AS TO RIGHTFULLY REJECTED GOODS. (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (section 336.2A-511) and subject to any security interest of a lessee (section 336.2A-508(5)): (a) the lessee, after rejec…

336.2A-513 CURE BY LESSOR OF IMPROPER TENDER OR DELIVERY; REPLACEMENT. (1) If any tender or delivery by the lessor or the supplier is rejected because nonconforming and the time for performance has not yet expired, the lessor or the supplier may seasonably notify the lessee of th…

336.2A-514 WAIVER OF LESSEE'S OBJECTIONS. (1) In rejecting goods, a lessee's failure to state a particular defect that is ascertainable by reasonable inspection precludes the lessee from relying on the defect to justify rejection or to establish default: (a) if, stated seasonably…

336.2A-515 ACCEPTANCE OF GOODS. (1) Acceptance of goods occurs after the lessee has had a reasonable opportunity to inspect the goods and (a) the lessee signifies or acts with respect to the goods in a manner that signifies to the lessor or the supplier that the goods are conform…

336.2A-516 EFFECT OF ACCEPTANCE OF GOODS; NOTICE OF DEFAULT; BURDEN OF ESTABLISHING DEFAULT AFTER ACCEPTANCE; NOTICE OF CLAIM OR LITIGATION TO PERSON ANSWERABLE OVER. (1) A lessee must pay rent for any goods accepted in accordance with the lease contract, with due allowance for g…

336.2A-517 REVOCATION OF ACCEPTANCE OF GOODS. (1) A lessee may revoke acceptance of a lot or commercial unit whose nonconformity substantially impairs its value to the lessee if the lessee has accepted it: (a) except in the case of a finance lease, on the reasonable assumption th…

336.2A-518 COVER; SUBSTITUTE GOODS. (1) After a default by a lessor under the lease contract of the type described in section 336.2A-508(1), or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease …

336.2A-519 LESSEE'S DAMAGES FOR NONDELIVERY, REPUDIATION, DEFAULT, AND BREACH OF WARRANTY IN REGARD TO ACCEPTED GOODS. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (section 336.2A-504) or otherwise determined pursuant to agreement of …

336.2A-520 LESSEE'S INCIDENTAL AND CONSEQUENTIAL DAMAGES. (1) Incidental damages resulting from a lessor's default include expenses reasonably incurred in inspection, receipt, transportation, and care and custody of goods rightfully rejected or goods the acceptance of which is ju…

336.2A-521 LESSEE'S RIGHT TO SPECIFIC PERFORMANCE OR REPLEVIN. (1) Specific performance may be decreed if the goods are unique or in other proper circumstances. (2) A decree for specific performance may include any terms and conditions as to payment of the rent, damages, or other…

336.2A-522 LESSEE'S RIGHT TO GOODS ON LESSOR'S INSOLVENCY. (1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (section 336.2A-217) on making and keepi…

336.2A-523 LESSOR'S REMEDIES. (1) If a lessee wrongfully rejects or revokes acceptance of goods or fails to make a payment when due or repudiates with respect to a part or the whole, then, with respect to any goods involved, and with respect to all of the goods if under an instal…

336.2A-524 LESSOR'S RIGHT TO IDENTIFY GOODS TO LEASE CONTRACT. (1) A lessor aggrieved under section 336.2A-523(1) may: (a) identify to the lease contract conforming goods not already identified if at the time the lessor learned of the default they were in the lessor's or the supp…

336.2A-525 LESSOR'S RIGHT TO POSSESSION OF GOODS. (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods. (2) After a default by the lessee under the lease contract of the type described in section 336.2A-523(1) or 336.2A-523(3)(a) or, if…

336.2A-526 LESSOR'S STOPPAGE OF DELIVERY IN TRANSIT OR OTHERWISE. (1) A lessor may stop delivery of goods in the possession of a carrier or other bailee if the lessor discovers the lessee to be insolvent and may stop delivery of carload, truckload, planeload, or larger shipments …

336.2A-527 LESSOR'S RIGHTS TO DISPOSE OF GOODS. (1) After a default by a lessee under the lease contract of the type described in section 336.2A-523(1) or 336.2A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (section 336.2A-525 or 336.2A-526), or, …

336.2A-528 LESSOR'S DAMAGES FOR NONACCEPTANCE, FAILURE TO PAY, REPUDIATION, OR OTHER DEFAULT. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (section 336.2A-504) or otherwise determined pursuant to agreement of the parties (sections 336…

336.2A-529 LESSOR'S ACTION FOR THE RENT. (1) After default by the lessee under the lease contract of the type described in section 336.2A-523(1) or 336.2A-523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies with subsection (2), the lessor may recove…

336.2A-530 LESSOR'S INCIDENTAL DAMAGES. Incidental damages to an aggrieved lessor include any commercially reasonable charges, expenses, or commissions incurred in stopping delivery, in the transportation, care, and custody of goods after the lessee's default, in connection with …

336.2A-531 STANDING TO SUE THIRD PARTIES FOR INJURY TO GOODS. (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (a) the lessor has a right of action against the third party, and (b…

336.3-101 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-101 SHORT TITLE. This article may be cited as Uniform Commercial Code--Negotiable Instruments. History: 1965 c 811 s 336.3-101; 1992 c 565 s 3

336.3-102 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-102 SUBJECT MATTER. (a) This article applies to negotiable instruments. It does not apply to money, to payment orders governed by article 4A, or to securities governed by article 8. (b) If there is conflict between this article…

336.3-103 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-103 DEFINITIONS. (a) In this article: (1) "Acceptor" means a drawee who has accepted a draft. (2) "Consumer account" means an account established by an individual primarily for personal, family, or household purposes. (3) "Cons…

336.3-104 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-104 NEGOTIABLE INSTRUMENT. (a) Except as provided in subsections (c) and (d), "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described i…

336.3-105 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-105 ISSUE OF INSTRUMENT. (a) "Issue" means: (1) the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or (2) if agreed by…

336.3-106 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-106 UNCONDITIONAL PROMISE OR ORDER. (a) Except as provided in this section, for the purposes of section 336.3-104(a), a promise or order is unconditional unless it states (i) an express condition to payment, (ii) that the promi…

336.3-107 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-107 INSTRUMENT PAYABLE IN FOREIGN MONEY. Unless the instrument otherwise provides, an instrument that states the amount payable in foreign money may be paid in the foreign money or in an equivalent amount in dollars calculated …

336.3-108 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-108 PAYABLE ON DEMAND OR AT DEFINITE TIME. (a) A promise or order is "payable on demand" if it (i) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder, or (ii) do…

336.3-109 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-109 PAYABLE TO BEARER OR TO ORDER. (a) A promise or order is payable to bearer if it: (1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or orde…

336.3-110 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-110 IDENTIFICATION OF PERSON TO WHOM INSTRUMENT IS PAYABLE. (a) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of…

336.3-111 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-111 PLACE OF PAYMENT. Except as otherwise provided for items in article 4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of …

336.3-112 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-112 INTEREST. (a) Unless otherwise provided in the instrument, (i) an instrument is not payable with interest, and (ii) interest on an interest-bearing instrument is payable from the date of the instrument. (b) Interest may be …

336.3-113 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-113 DATE OF INSTRUMENT. (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in section 336.4-401(c), an i…

336.3-114 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-114 CONTRADICTORY TERMS OF INSTRUMENT. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers. History: 1992 c 565 s 16

336.3-115 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-115 INCOMPLETE INSTRUMENT. (a) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be c…

336.3-116 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-116 JOINT AND SEVERAL LIABILITY; CONTRIBUTION. (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers who endorse as joint p…

336.3-117 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-117 OTHER AGREEMENTS AFFECTING INSTRUMENT. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supp…

336.3-118 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-118 STATUTE OF LIMITATIONS. (a) Except as provided in subsection (e), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated…

336.3-119 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-119 NOTICE OF RIGHT TO DEFEND ACTION. In an action for breach of an obligation for which a third person is answerable over pursuant to this article or article 4, the defendant may give the third person notice of the litigation …

336.3-201 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-201 NEGOTIATION. (a) "Negotiation" means a transfer of possession, whether voluntary or involuntary, of an instrument by a person other than the issuer to a person who thereby becomes its holder. (b) Except for negotiation by a…

336.3-202 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-202 NEGOTIATION SUBJECT TO RESCISSION. (a) Negotiation is effective even if obtained (i) from an infant, a corporation exceeding its powers, or a person without capacity, (ii) by fraud, duress, or mistake, or (iii) in breach of…

336.3-203 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-203 TRANSFER OF INSTRUMENT; RIGHTS ACQUIRED BY TRANSFER. (a) An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce th…

336.3-204 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-204 ENDORSEMENT. (a) "Endorsement" means a signature, other than that of a signer as maker, drawer, or acceptor, that alone or accompanied by other words is made on an instrument for the purpose of (i) negotiating the instrumen…

336.3-205 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-205 SPECIAL ENDORSEMENT; BLANK ENDORSEMENT; ANOMALOUS ENDORSEMENT. (a) If an endorsement is made by the holder of an instrument, whether payable to an identified person or payable to bearer, and the endorsement identifies a per…

336.3-206 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-206 RESTRICTIVE ENDORSEMENT. (a) An endorsement limiting payment to a particular person or otherwise prohibiting further transfer or negotiation of the instrument is not effective to prevent further transfer or negotiation of t…

336.3-207 MS 1990 [Repealed, 1992 c 565 s 114] 336.3-207 REACQUISITION. Reacquisition of an instrument occurs if it is transferred to a former holder, by negotiation or otherwise. A former holder who reacquires the instrument may cancel endorsements made after the reacquirer firs…