§ 515B.4-114 — Exclusion or Change of Implied Warranties
Plain-Language Summary
A lawsuit for breach of a developer's warranty must be filed within the applicable statute of limitations period. The parties can agree to shorten it, but not below a minimum.
515B.4-114 EXCLUSION OR CHANGE OF IMPLIED WARRANTIES.
(a) With respect to a unit available for residential use, no general disclaimer of implied warranties is effective, but a declarant may disclaim liability in an instrument separate from the purchase agreement signed by the purchaser for a specified defect or specified failure to comply with applicable law, if the defect or failure entered into and became a part of the basis of the bargain.
(b) With respect to a unit restricted to nonresidential use, implied warranties:
(1) may be excluded or modified by agreement of the parties; and
(2) are excluded by expression of disclaimer, such as “as is,” “with all faults,” or other language that in common understanding calls the purchaser’s attention to the exclusion of warranties.
History:
History: History:
1993 c 222 art 4 s 14