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Can you summarize MNST 336.9-330?
UNIFORM COMMERCIAL CODE > PRIORITY OF PURCHASER OF CHATTEL PAPER OR INSTRUMENT.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory subject to a security interest. The purchaser must give new value, take possession of the chattel paper, or obtain control of it in good faith and in the ordinary course of business. The document also covers the priority of purchasers over other security interests claimed in the chattel paper, as well as the priority of purchasers in the proceeds of the chattel paper. Additionally, it addresses the priority of purchasers of instruments over security interests perfected by methods other than possession. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Purchasers of chattel paper or instruments
What does it govern?
Priority of purchaser of chattel paper or instrument
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota