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Can you summarize MNST 336.9-503?
UNIFORM COMMERCIAL CODE > NAME OF DEBTOR AND SECURED PARTY.
Short Summary
This legal document, governed by the Minnesota Statutes, specifically the Uniform Commercial Code, outlines the requirements for providing the name of the debtor and secured party in a financing statement. The document specifies different scenarios and criteria for sufficiency of the debtor’s name, such as when the debtor is a registered organization, when the collateral is held in a trust, or when the debtor is an individual. It also clarifies that failure to indicate the representative capacity of a secured party does not affect the sufficiency of a financing statement. The document allows for multiple debtors and secured parties to be named in a financing statement. Overall, this document provides guidelines for accurately identifying the debtor and secured party in financing transactions.
Whom does it apply to?
Creditors and debtors involved in financing transactions
What does it govern?
Providing the name of the debtor and secured party in a financing statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota