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Can you summarize MNST 336.9-309?
UNIFORM COMMERCIAL CODE > SECURITY INTEREST PERFECTED UPON ATTACHMENT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, specifically section 336.9-309, outlines the types of security interests that are considered perfected upon attachment. The document lists various scenarios where security interests are automatically perfected, such as purchase-money security interests in consumer goods, assignments of accounts or payment intangibles that do not transfer a significant part of the assignor’s outstanding accounts, sales of payment intangibles or promissory notes, security interests created by the assignment of health-care-insurance receivables, and more. The document also mentions security interests arising under specific sections of the Uniform Commercial Code until the debtor obtains possession of the collateral. Additionally, it covers security interests of collecting banks, issuers or nominated persons, and security interests in investment property, commodity contracts, and beneficial interests in a decedent’s estate. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in security interest transactions
What does it govern?
Security interests that are perfected upon attachment
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota