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Can you summarize MNST 336.9-109?
UNIFORM COMMERCIAL CODE > SCOPE.
Short Summary
This document outlines the scope of the Uniform Commercial Code (UCC) in Minnesota, specifically related to security interests in personal property or fixtures, agricultural liens, sales of accounts, chattel paper, payment intangibles, promissory notes, consignments, and certain security interests arising under other sections of the UCC. It applies to individuals and entities involved in transactions that create these types of security interests. However, there are exemptions to the application of this article, such as when a statute, regulation, or treaty of the United States preempts the UCC, when another statute of Minnesota expressly governs the creation, perfection, priority, or enforcement of a security interest, when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest, when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, and when specific exemptions related to liens, assignments, transfers, or claims are applicable. No penalties are mentioned in this document.
Whom does it apply to?
This article applies to individuals and entities involved in transactions that create a security interest in personal property or fixtures, agricultural liens, sales of specific types of financial instruments, consignments, and certain security interests arising under other sections of the UCC.
What does it govern?
This document governs the scope of the Uniform Commercial Code (UCC) in Minnesota, specifically related to security interests in personal property or fixtures, agricultural liens, sales of accounts, chattel paper, payment intangibles, promissory notes, consignments, and certain security interests arising under other sections of the UCC.
What are exemptions?
This article does not apply in certain circumstances, including when a statute, regulation, or treaty of the United States preempts the UCC, when another statute of Minnesota expressly governs the creation, perfection, priority, or enforcement of a security interest, when a statute of another state or foreign country expressly governs the creation, perfection, priority, or enforcement of a security interest, when the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior, and when specific exemptions related to liens, assignments, transfers, or claims are applicable.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Minnesota