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Can you summarize MNST 336.9-313?
UNIFORM COMMERCIAL CODE > WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the perfection of security interests without filing. It states that a secured party can perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. Additionally, a secured party can perfect a security interest in certificated securities by taking delivery of the certificated securities. However, for goods covered by a certificate of title issued by the state, a secured party can only perfect a security interest by taking possession of the goods in specific circumstances described in section 336.9-316(d). The document also outlines the process of taking possession of collateral in the possession of a person other than the debtor, the secured party, or a lessee of the collateral. It further explains the time of perfection by possession or delivery and the continuation of perfection. The document clarifies that a person in possession of collateral is not required to acknowledge holding possession for the secured party’s benefit. It also addresses the effect of acknowledgment, the secured party’s delivery to a person other than the debtor, and the effect of delivery. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Secured parties and debtors
What does it govern?
Perfection of security interests in tangible negotiable documents, goods, instruments, money, tangible chattel paper, and certificated securities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota