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Can you summarize MNST 336.9-315?
UNIFORM COMMERCIAL CODE > SECURED PARTY'S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the rights of secured parties and agricultural lienholders regarding the disposition of collateral and the proceeds derived from such disposition. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition free of the security interest or agricultural lien. Additionally, a security interest attaches to any identifiable proceeds of collateral. The document also discusses the identification of commingled proceeds and the perfection of security interests in proceeds. It further outlines the conditions for the continuation of perfection and the circumstances under which a perfected security interest in proceeds becomes unperfected. Overall, this document provides guidance on the rights and obligations of secured parties and agricultural lienholders in relation to collateral and its proceeds.
Whom does it apply to?
Secured parties and agricultural lienholders
What does it govern?
Secured party's rights on disposition of collateral and in proceeds
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota