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Can you summarize MNST 336.9-105?
UNIFORM COMMERCIAL CODE > CONTROL OF ELECTRONIC CHATTEL PAPER.
Short Summary
This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the control of electronic chattel paper. It states that a secured party has control of electronic chattel paper if a system is employed to reliably establish the secured party as the assignee of the chattel paper. The system must ensure that a single authoritative copy of the record exists, which is unique, identifiable, and unalterable, except as provided in specific circumstances. The authoritative copy must identify the secured party as the assignee, be communicated to and maintained by the secured party or its designated custodian, and any copies or amendments can only be made with the consent of the secured party. Copies of the authoritative copy must be readily identifiable as copies, and any amendments must be identifiable as authorized or unauthorized. This provision was repealed in 2000 and replaced with a new provision in 2011.
Whom does it apply to?
Secured parties
What does it govern?
Control of electronic chattel paper
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota