Ask Reggi Your Question Now
Can you summarize MNST 336.9-103?
UNIFORM COMMERCIAL CODE > PURCHASE-MONEY SECURITY INTEREST; APPLICATION OF PAYMENTS; BURDEN OF ESTABLISHING.
Short Summary
This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the concept of purchase-money security interest, the application of payments, and the burden of establishing such interests. It defines purchase-money collateral as goods or software that secure a purchase-money obligation, which is an obligation incurred as part of the price of the collateral or to enable the debtor to acquire rights in or use of the collateral. The section outlines that a security interest in goods or software can be considered a purchase-money security interest if it secures a purchase-money obligation and meets certain conditions. It also addresses the application of payments in nonconsumer goods transactions, the status of purchase-money security interests in such transactions, and the burden of proof for claiming a purchase-money security interest. This section does not apply to consumer goods transactions, and the determination of rules in such transactions is left to the court’s discretion.
Whom does it apply to?
Parties involved in transactions other than consumer goods transactions
What does it govern?
Purchase-money security interest; application of payments; burden of establishing
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota