Can you summarize MNST 336.9-325?

Short Summary

(a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collateral created by another person if: (1) the debtor acquired the collateral subject to the security interest created by the other person; (2) the security interest created by the other person was perfected when the debtor acquired the collateral; and (3) there is no period thereafter when the security interest is unperfected. (b) Limitation of subsection (a) subordination. Subsection (a) subordinates a security interest only if the security interest: (1) otherwise would have priority solely under section 336.9-322 (a) or 336.9-324 ; or (2) arose solely under section 336.2-711 (3) or 336.2A-508 (5). History: 2000 c 399 art 1 s 45

Jurisdiction

Minnesota

Source

• Banking