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Can you summarize MNST 336.9-311?
UNIFORM COMMERCIAL CODE > PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO CERTAIN STATUTES, REGULATIONS, AND TREATIES.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the perfection of security interests in property subject to certain statutes, regulations, and treaties. It states that filing a financing statement is not necessary or effective to perfect a security interest in property subject to specified laws and regulations. Compliance with the requirements of the relevant laws and regulations for obtaining priority over the rights of a lien creditor is equivalent to filing a financing statement. A security interest in property subject to these laws and regulations can only be perfected by complying with their requirements, and such perfection remains even if there is a change in the use or transfer of possession of the collateral. The duration and renewal of perfection are governed by the relevant laws and regulations, while other aspects of the security interest are subject to the Uniform Commercial Code. However, this section does not apply to a security interest in inventory held for sale or lease by a person in the business of selling goods of that kind.
Whom does it apply to?
Creditors with security interests in property subject to specified laws and regulations
What does it govern?
Perfection of security interests in property subject to certain statutes, regulations, and treaties
What are exemptions?
This section does not apply to a security interest in inventory held for sale or lease by a person in the business of selling goods of that kind
What are the Penalties?
No penalties mentioned
Jurisdiction
Minnesota