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Can you summarize MNST 336.9-201?
UNIFORM COMMERCIAL CODE > GENERAL EFFECTIVENESS OF SECURITY AGREEMENT.
Short Summary
This legal document, governed by the Uniform Commercial Code, establishes the general effectiveness of security agreements. It states that a security agreement is effective according to its terms between the parties involved, against purchasers of the collateral, and against creditors. The document also mentions that transactions subject to this article are subject to applicable consumer laws, regulations, and statutes that regulate rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit. In case of conflict between this article and a rule of law, statute, or regulation, the latter controls. However, failure to comply with a statute or regulation described in the document only has the effect specified by that statute or regulation. The document further clarifies that it does not validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation, nor does it extend the application of such rules to transactions not otherwise subject to them.
Whom does it apply to?
Parties to the security agreement, purchasers of the collateral, and creditors
What does it govern?
Effectiveness of security agreements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota