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Can you summarize MNST 336.9-312?
UNIFORM COMMERCIAL CODE > PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, DEPOSIT ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVESTMENT PROPERTY, LETTER OF CREDIT RIGHTS, AND MONEY; PERFECTION BY PERMISSIVE FILING; TEMPORARY PERFECTION WITHOUT FILING OR TRANSFER OF POSSESSION.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the perfection of security interests in various types of collateral. It allows for the perfection of security interests in chattel paper, negotiable documents, instruments, and investment property through filing. However, for deposit accounts, letter of credit rights, and money, perfection can only be achieved through control or possession. The document also outlines the methods of perfection for goods covered by negotiable and nonnegotiable documents while in the possession of a bailee. Additionally, it establishes temporary perfection without filing or transfer of possession for certificated securities, negotiable documents, and instruments for a period of 20 days. The temporary perfection provisions also apply to goods or documents made available to the debtor and the delivery of security certificates or instruments to the debtor. After the 20-day period, compliance with this article is required for perfection. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and secured parties
What does it govern?
Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter of credit rights, and money
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota