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Can you summarize MNST 336.9-317?
UNIFORM COMMERCIAL CODE > INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE OF SECURITY INTEREST OR AGRICULTURAL LIEN.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the interests that take priority over or take free of security interest or agricultural lien. It states that a security interest or agricultural lien is subordinate to the rights of persons entitled to priority under section 336.9-322 and lien creditors who become lien creditors before the security interest or agricultural lien is perfected or a financing statement is filed. It also outlines that buyers, lessees, and licensees who give value and receive delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected take free of such interests. Additionally, it mentions that a purchase-money security interest takes priority over the rights of a buyer, lessee, or lien creditor if a financing statement is filed within 20 days after the debtor receives delivery of the collateral. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons entitled to priority under section 336.9-322, lien creditors, buyers of tangible chattel paper, tangible documents, goods, instruments, or a certificated security, lessees of goods, licensees of general intangibles, and buyers of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security
What does it govern?
Interests that take priority over or take free of security interest or agricultural lien
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota