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Can you summarize MNST 336.9-210?
UNIFORM COMMERCIAL CODE > REQUEST FOR ACCOUNTING; REQUEST REGARDING LIST OF COLLATERAL OR STATEMENT OF ACCOUNT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to requests for accounting, requests regarding a list of collateral, and requests regarding a statement of account. It defines the terms used in this section, such as ‘request,’ ‘request for an accounting,’ ‘request regarding a list of collateral,’ and ‘request regarding a statement of account.’ The document outlines the duty of a secured party, excluding buyers of certain types of assets and consignors, to respond to these requests within 14 days by providing an accounting, approving or correcting a list of collateral, or approving or correcting a statement of account. It also specifies the actions to be taken by a person who claims no interest in the collateral or obligations when receiving a request. Additionally, the document allows a debtor to receive one free response to a request within a six-month period, with the secured party having the option to charge up to $25 for each additional response.
Whom does it apply to?
Secured parties, debtors
What does it govern?
Request for accounting; Request regarding list of collateral or statement of account
What are exemptions?
Buyers of accounts, chattel paper, payment intangibles, promissory notes, consignors
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Minnesota