2025 Session Last amended: 1989 session

§ 336.2A-522 — Lessee's Right to Goods on Lessor's Insolvency

Plain-Language Summary

A lessee may recover goods from the lessor if the lessor becomes insolvent within 10 days after receiving the first payment.

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 keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten days after receipt of the first installment of rent and security.

(2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.

History:

1989 c 232 art 1 s 2A-522

History: History: 1989 c 232 art 1 s 2A-522

Practical Notes

If you prepaid for leased goods and the lessor goes bankrupt within 10 days, you can try to recover the actual goods.

Source: Minnesota Office of the Revisor of Statutes