Ask Reggi Your Question Now
Can you summarize MNST 336.9-207?
UNIFORM COMMERCIAL CODE > RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, governs the rights and duties of a secured party who has possession or control of collateral. It establishes the duty of care for the secured party in the custody and preservation of the collateral. The document outlines the expenses, risks, duties, and rights of the secured party when in possession of the collateral. It also covers the duties and rights of a secured party who has possession or control of collateral. The document allows the secured party to hold proceeds received from the collateral as additional security, apply money or funds received to reduce the secured obligation, and create a security interest in the collateral. The document does not apply to buyers of certain rights to payment. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties who have possession or control of collateral
What does it govern?
Rights and duties of a secured party having possession or control of collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota