Ask Reggi Your Question Now
Can you summarize MNST 336.9-502?
UNIFORM COMMERCIAL CODE > CONTENTS OF FINANCING STATEMENT; RECORD OF MORTGAGE AS FINANCING STATEMENT; TIME OF FILING FINANCING STATEMENT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the requirements for a financing statement and the record of a mortgage as a financing statement. A financing statement is considered sufficient if it includes the name of the debtor, the name of the secured party or their representative, and indicates the collateral covered. However, for financing statements related to real property, additional requirements must be met, such as indicating the type of collateral, filing for record in the real property records, providing a description of the real property, and including the name of a record owner if the debtor does not have an interest of record. Additionally, a record of a mortgage can be effective as a financing statement if it meets certain criteria and is recorded in the office of the county recorder or registrar of titles. This document also allows for the filing of a financing statement before a security agreement is made or a security interest attaches.
Whom does it apply to?
Creditors and debtors involved in financing transactions
What does it govern?
Financing statements and record of mortgages as financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota