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Can you summarize MNST 336.9-307?
UNIFORM COMMERCIAL CODE > LOCATION OF DEBTOR.
Short Summary
This legal document, specifically Section 336.9-307 of the Minnesota Statutes, provides rules for determining the location of a debtor in the context of nonpossessory security interests. The document defines ‘place of business’ as a location where a debtor conducts its affairs. It states that an individual debtor is located at their principal residence, while an organization debtor with only one place of business is located at that place of business. If an organization debtor has multiple places of business, it is located at its chief executive office. The document also specifies that these rules apply only if the debtor’s residence, place of business, or chief executive office is located in a jurisdiction that requires information about nonpossessory security interests to be made available in a filing, recording, or registration system. If these rules do not apply, the debtor is considered to be located in the District of Columbia. The document further addresses the continuation of location in cases where a person ceases to exist, have a residence, or have a place of business. It also provides rules for determining the location of registered organizations organized under state or federal law, as well as bank branches, agencies, foreign bank branches or agencies, and foreign air carriers. It is important to note that this document applies only for the purposes of this specific part of the law.
Whom does it apply to?
Debtors and creditors involved in nonpossessory security interests
What does it govern?
Determining the location of a debtor for the purpose of nonpossessory security interests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota