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Can you summarize MNST 336.9-324?
UNIFORM COMMERCIAL CODE > PRIORITY OF PURCHASE-MONEY SECURITY INTERESTS.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, establishes the priority of purchase-money security interests in various types of goods. A purchase-money security interest refers to a security interest taken by a seller or lender to secure the purchase price or loan used to acquire the collateral. The document outlines the general rule that a perfected purchase-money security interest in goods, other than inventory or livestock, has priority over a conflicting security interest in the same goods. It also covers the priority of purchase-money security interests in inventory, livestock, and software. The document specifies the requirements for perfection and notification to holders of conflicting security interests. Additionally, it addresses the priority of security interests when multiple interests qualify for priority. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in purchase-money security interests
What does it govern?
Priority of purchase-money security interests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota