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Can you summarize MNST 336.9-301?
UNIFORM COMMERCIAL CODE > LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection and priority of security interests. It establishes rules for determining the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. The document specifies that the local law of the jurisdiction where the debtor is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. It also states that the local law of the jurisdiction where the collateral is located governs the perfection, effect, and priority of a possessory security interest in that collateral. Additionally, the local law of the jurisdiction where tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located governs the perfection of a security interest in goods by filing a fixture filing, the perfection of a security interest in timber to be cut, and the effect and priority of a nonpossessory security interest in the collateral. However, the local law of the jurisdiction where the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
Whom does it apply to?
Debtors, possessory security interest holders, nonpossessory security interest holders
What does it govern?
Perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral
What are exemptions?
None mentioned
What are the Penalties?
No penalties mentioned
Jurisdiction
Minnesota