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Can you summarize MNST 336.9-316?
UNIFORM COMMERCIAL CODE > EFFECT OF CHANGE IN GOVERNING LAW.
Short Summary
This legal document, section 336.9-316 of the Minnesota Statutes, addresses the effect of a change in governing law on the perfection of security interests. It applies to creditors and debtors who have security interests in collateral. According to the document, a security interest remains perfected until the earliest of three events: the time perfection would have ceased under the law of the designated jurisdiction, the expiration of four months after a change of the debtor’s location to another jurisdiction, or the expiration of one year after a transfer of collateral to a person located in another jurisdiction. The document also discusses the effect on security interests if they become perfected or unperfected under the law of a new jurisdiction. Additionally, it covers possessory security interests in collateral moved to a new jurisdiction, security interests in goods covered by a certificate of title, and the change in jurisdiction of various entities. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors with security interests in collateral
What does it govern?
Effect of change in governing law
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota