(1) There is in a lease contract a warranty that for the lease term no person holds a claim to or interest in the goods that arose from an act or omission of the lessor, other than a claim by way of infringement or the like, which will interfere with the lessee‘s enjoyment of its leasehold interest.

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Terms Used In Minnesota Statutes 336.2A-211

  • Contract: A legal written agreement that becomes binding when signed.
  • Finance lease: means a lease in which

    (1) the lessor does not select, manufacture, or supply the goods,

    (2) the lessor acquires the goods or the right to possession and use of the goods in connection with the lease, and

    (3) either

    (i) the lessee receives a copy of the contract evidencing the lessor's purchase of the goods or a disclaimer statement on or before signing the lease contract, or

    (ii) the lessee's approval of the contract evidencing the lessor's purchase of the goods or a disclaimer statement is a condition to effectiveness of the lease contract. See Minnesota Statutes 336.2A-103

  • Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 336. See Minnesota Statutes 336.2A-103
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Minnesota Statutes 336.2A-103
  • Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See Minnesota Statutes 336.2A-103
  • Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Minnesota Statutes 336.2A-103
  • Lessee: means a person who acquires the right to possession and use of goods under a lease. See Minnesota Statutes 336.2A-103
  • Lessor: means a person who transfers the right to possession and use of goods under a lease. See Minnesota Statutes 336.2A-103
  • Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
  • Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Minnesota Statutes 336.2A-103

(2) Except in a finance lease there is in a lease contract by a lessor who is a merchant regularly dealing in goods of the kind a warranty that the goods are delivered free of the rightful claim of any person by way of infringement or the like.

(3) A lessee who furnishes specifications to a lessor or a supplier shall hold the lessor and the supplier harmless against any claim by way of infringement or the like that arises out of compliance with the specifications.