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Can you summarize MNST 336.9-304?
UNIFORM COMMERCIAL CODE > LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNTS.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection and priority of security interests in deposit accounts. It states that the local law of a bank’s jurisdiction governs the perfection, effect, and priority of a security interest in a deposit account maintained with that bank. The document provides rules to determine a bank’s jurisdiction, such as agreements between the bank and the debtor/customer, the location of the office serving the customer’s account, or the chief executive office of the bank. The document was repealed in 2000, but it establishes the framework for determining the applicable law and jurisdiction for security interests in deposit accounts.
Whom does it apply to?
Banks and debtors with deposit accounts
What does it govern?
Perfection and priority of security interests in deposit accounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota