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Can you summarize MNST 336.9-314?
UNIFORM COMMERCIAL CODE > PERFECTION BY CONTROL.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the concept of perfection by control of security interests. It states that a security interest in investment property, deposit accounts, letter of credit rights, electronic chattel paper, or electronic documents can be perfected by control. The document outlines the specific sections under which control can be obtained and retained. It distinguishes between different types of collateral, such as deposit accounts, electronic chattel paper, letter of credit rights, electronic documents, and investment property, and explains the time of perfection by control and the continuation of perfection for each type. The document also specifies the conditions under which a security interest in investment property remains perfected by control. Overall, this document provides guidance on how to achieve and maintain perfection by control for various types of collateral in secured transactions.
Whom does it apply to?
This governs secured parties and debtors involved in security interests in the specified collateral.
What does it govern?
Perfection by control of security interests in investment property, deposit accounts, letter of credit rights, electronic chattel paper, or electronic documents.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota