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Can you summarize MNST 336.9-320?
UNIFORM COMMERCIAL CODE > BUYER OF GOODS.
Short Summary
This legal document pertains to the provisions of the Uniform Commercial Code related to buyers of goods. It outlines the rights of different types of buyers in various circumstances. A buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence. Similarly, a buyer of consumer goods, who buys without knowledge of a security interest, for value, primarily for personal, family, or household purposes, and before the filing of a financing statement covering the goods, takes free of the security interest. Additionally, a buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance. However, these provisions do not affect a possessory security interest in goods in the possession of the secured party. No specific penalties are mentioned in this document.
Whom does it apply to?
Buyers in ordinary course of business, buyers of consumer goods, buyers in ordinary course of business at wellhead or minehead
What does it govern?
Uniform Commercial Code provisions related to buyers of goods
What are exemptions?
Possessory security interest in goods in the possession of the secured party
What are the Penalties?
No penalties mentioned
Jurisdiction
Minnesota