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Can you summarize MNST 336.9-322?
UNIFORM COMMERCIAL CODE > PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL.
Short Summary
This legal document, part of the Minnesota Statutes’ Uniform Commercial Code, establishes the rules for determining priority among conflicting security interests and agricultural liens on the same collateral. The general priority rules state that conflicting perfected security interests and agricultural liens rank according to the time of filing or perfection. A perfected security interest or agricultural lien takes priority over a conflicting unperfected security interest or agricultural lien. The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected. The document also provides special priority rules for proceeds and supporting obligations. Additionally, it mentions a first-to-file priority rule for certain collateral. However, this document does not specify any penalties or exemptions. It is important for creditors to understand these rules to determine the priority of their security interests and agricultural liens.
Whom does it apply to?
Creditors with conflicting security interests and agricultural liens
What does it govern?
Priorities among conflicting security interests and agricultural liens on the same collateral
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Minnesota