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Can you summarize MNST 336.9-305?
UNIFORM COMMERCIAL CODE > LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection and priority of security interests in investment property. It establishes the rules for determining the governing law and jurisdiction for different types of securities, including certificated securities, uncertificated securities, security entitlements, securities accounts, commodity contracts, and commodity accounts. The document specifies that the local law of the jurisdiction where a security certificate is located governs perfection and priority for certificated securities, while the local law of the issuer’s jurisdiction governs perfection and priority for uncertificated securities. Similarly, the local law of the securities intermediary’s jurisdiction governs security interests in security entitlements or securities accounts, and the local law of the commodity intermediary’s jurisdiction governs security interests in commodity contracts or commodity accounts. The document also provides rules for determining the jurisdiction of a commodity intermediary. Additionally, it states that the local law of the jurisdiction where the debtor is located governs the perfection of security interests in investment property by filing, as well as the automatic perfection of security interests created by brokers, securities intermediaries, or commodity intermediaries. This document was repealed in 2000.
Whom does it apply to?
Creditors with security interests in investment property
What does it govern?
Perfection and priority of security interests in investment property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota