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Can you summarize MNST 336.9-501?
UNIFORM COMMERCIAL CODE > FILING OFFICE.
Short Summary
This legal document, specifically Minnesota Statutes » TRADE REGULATIONS, CONSUMER PROTECTION » UNIFORM COMMERCIAL CODE, pertains to the filing office for perfection of a security interest or agricultural lien. It states that if the local law of Minnesota governs the perfection of a security interest or agricultural lien, the filing office for a financing statement is determined based on the collateral involved. If the collateral is as-extracted collateral or timber to be cut, or if the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures, then the filing office is the office designated for filing or recording a record of a mortgage on the related real property. In all other cases, including when the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing, the filing office is the central filing system operated by the office of the secretary of state. However, for transmitting utilities, the filing office for a financing statement to perfect a security interest in collateral, including fixtures, is the central filing system operated by the Office of the Secretary of State. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures.
Whom does it apply to?
Parties seeking to perfect a security interest or agricultural lien
What does it govern?
Perfection of a security interest or agricultural lien
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota