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Can you summarize MNST 336.9-335?
UNIFORM COMMERCIAL CODE > ACCESSIONS.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the creation, perfection, and priority of security interests in accessions. It states that a security interest can be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate of title statute. After default, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole. The secured party must promptly reimburse any holder of a security interest or other lien on the whole or other goods for the cost of repair, but is not required to reimburse for diminution in value caused by the absence of the accession. This document provides important guidelines for creditors and secured parties dealing with accessions.
Whom does it apply to?
Creditors and secured parties
What does it govern?
Security interests in accessions and their priority
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota