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Can you summarize MNST 336.9-108?
UNIFORM COMMERCIAL CODE > SUFFICIENCY OF DESCRIPTION.
Short Summary
This legal document, section 336.9-108 of the Minnesota Statutes, pertains to the sufficiency of description in transactions governed by the Uniform Commercial Code. It states that a description of personal or real property is considered sufficient if it reasonably identifies what is described, unless otherwise specified. The document provides examples of reasonable identification, such as specific listing, category, type of collateral defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other objectively determinable method. However, it clarifies that a supergeneric description like ‘all the debtor’s assets’ or ‘all the debtor’s personal property’ does not reasonably identify the collateral. Additionally, it specifies that a description of investment property, security entitlements, securities accounts, or commodity accounts should describe the collateral by those terms or as investment property, or by specifying the underlying financial asset or commodity contract. It also highlights that a description only by type of collateral defined in the Uniform Commercial Code is insufficient for commercial tort claims or certain consumer transactions involving consumer goods, security entitlements, securities accounts, or commodity accounts.
Whom does it apply to?
Creditors and debtors involved in transactions governed by the Uniform Commercial Code
What does it govern?
Sufficiency of description in the Uniform Commercial Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota