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Can you summarize MNST 336.9-404?
UNIFORM COMMERCIAL CODE > RIGHTS ACQUIRED BY ASSIGNEE; CLAIMS AND DEFENSES AGAINST ASSIGNEE.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the rights acquired by an assignee and the claims and defenses that can be made against the assignee. The rights of an assignee are subject to the terms, claims, and defenses agreed upon between the account debtor and assignor. Additionally, any defense or claim of the account debtor against the assignor that arises before receiving notification of the assignment can also be asserted against the assignee. However, the claim of an account debtor against an assignor can only be used to reduce the amount owed to the assignee. It is important to note that this section does not apply to assignments of health-care-insurance receivables. No specific penalties are mentioned in this document.
Whom does it apply to?
Account debtors and assignees
What does it govern?
Rights acquired by assignee; claims and defenses against assignee
What are exemptions?
This section does not apply to an assignment of a health-care-insurance receivable.
What are the Penalties?
No penalties mentioned.
Jurisdiction
Minnesota