2006 Minnesota Statutes

336.2A-308 SPECIAL RIGHTS OF CREDITORS.
(1) A creditor of a lessor in possession of goods subject to a lease contract may treat the lease
contract as void if as against the creditor retention of possession by the lessor is fraudulent under
any statute or rule of law, but retention of possession in good faith and current course of trade
by the lessor for a commercially reasonable time after the lease contract becomes enforceable is
not fraudulent.
(2) Nothing in this article impairs the rights of creditors of a lessor if the lease contract (a)
becomes enforceable, not in current course of trade but in satisfaction of or as security for a
preexisting claim for money, security, or the like, and (b) is made under circumstances which
under any statute or rule of law apart from this article would constitute the transaction a fraudulent
transfer or voidable preference.
(3) A creditor of a seller may treat a sale or an identification of goods to a contract for sale as
void if as against the creditor retention of possession by the seller is fraudulent under any statute
or rule of law, but retention of possession of the goods pursuant to a lease contract entered into
by the seller as lessee and the buyer as lessor in connection with the sale or identification of the
goods is not fraudulent if the buyer bought for value and in good faith.
History: 1989 c 232 art 1 s 2A-308