Ask Reggi Your Question Now
Can you summarize MNST 336.9-321?
UNIFORM COMMERCIAL CODE > LICENSEE OF GENERAL INTANGIBLE AND LESSEE OF GOODS IN ORDINARY COURSE OF BUSINESS.
Short Summary
This section of the Minnesota Statutes, under the Trade Regulations and Consumer Protection section, pertains to the rights of a licensee in the ordinary course of business and a lessee in the ordinary course of business. A licensee in the ordinary course is defined as a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. The rights of a licensee in the ordinary course include taking its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence. Similarly, a lessee in the ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. No specific exemptions or penalties are mentioned in this section.
Whom does it apply to?
Persons becoming a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind; lessee in ordinary course of business
What does it govern?
Licensee of general intangible and lessee of goods in ordinary course of business
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota