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Can you summarize MNST 336.9-206?
UNIFORM COMMERCIAL CODE > SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically addresses security interests arising in the purchase or delivery of financial assets. It outlines the conditions under which a security interest in favor of a securities intermediary attaches to a person’s security entitlement when they buy a financial asset through the securities intermediary. Additionally, it explains that a security interest in favor of a person delivering a certificated security or other financial asset attaches to the security or financial asset if certain conditions are met. The document also clarifies that these security interests secure the respective obligations to pay for the financial asset or delivery. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons buying financial assets through a securities intermediary, persons delivering certificated securities or other financial assets
What does it govern?
Security interests arising in the purchase or delivery of financial assets
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota