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Can you summarize MNST 336.9-328?
UNIFORM COMMERCIAL CODE > PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY.
Short Summary
This legal document governs the priority of security interests in investment property. It applies to secured parties with conflicting security interests in investment property. The document establishes rules for determining the priority of security interests based on control of the investment property and the type of collateral involved. It specifies that a security interest held by a secured party with control of the investment property has priority over a security interest held by a secured party without control. Conflicting security interests held by secured parties with control rank according to the time of obtaining control or satisfying control requirements. Additionally, security interests held by securities intermediaries or commodity intermediaries have priority over conflicting security interests held by other secured parties. The document also addresses the priority of security interests in certificated securities and provides rules for cases not covered by specific provisions. No penalties or exemptions are mentioned in this document.
Whom does it apply to?
Secured parties with conflicting security interests in investment property
What does it govern?
Priority of security interests in investment property
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota