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Can you summarize MNST 336.9-203?
UNIFORM COMMERCIAL CODE > ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES.
Short Summary
This legal document, governed by the Minnesota Statutes under the Trade Regulations and Consumer Protection section, specifically falls under the Uniform Commercial Code. It addresses the attachment and enforceability of security interests, proceeds, supporting obligations, and formal requisites. The document outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given, the debtor’s rights in the collateral, and specific conditions such as authentication of a security agreement or possession of collateral by the secured party. It also mentions the impact of other UCC provisions and the circumstances under which a person becomes bound by another person’s security agreement. Additionally, the document covers the rights to proceeds and supporting obligations, the attachment of security interests in rights to payment or performance, and the attachment of security interests in securities accounts and commodity accounts. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Debtors, secured parties, and third parties involved in security interests
What does it govern?
Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota