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Can you summarize MNST 336.9-308?
UNIFORM COMMERCIAL CODE > WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED; CONTINUITY OF PERFECTION.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the perfection of security interests and agricultural liens. It specifies that a security interest is perfected if it has attached and all applicable requirements for perfection have been satisfied. Similarly, an agricultural lien is perfected if it has become effective and all applicable requirements have been satisfied. The document also states that a security interest or agricultural lien can be perfected continuously by different methods under this article, without any period of being unperfected. Additionally, it mentions that perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral. Furthermore, perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right. Lastly, it states that perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the account, and perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the account.
Whom does it apply to?
Creditors and parties involved in security interests and agricultural liens
What does it govern?
Perfection of security interests and agricultural liens
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota