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Can you summarize MNST 336.9-505?
UNIFORM COMMERCIAL CODE > FILING AND COMPLIANCE WITH OTHER STATUTES AND TREATIES FOR CONSIGNMENTS, LEASES, OTHER BAILMENTS, AND OTHER TRANSACTIONS.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the filing and compliance requirements for consignments, leases, other bailments, and other transactions. It allows consignors, lessors, bailors, licensors, and buyers of payment intangibles or promissory notes to file a financing statement or comply with relevant statutes or treaties using specific terms such as ‘consignor,’ ’lessor,’ ‘bailor,’ ’licensor,’ ‘buyer,’ etc., instead of ‘secured party’ and ‘debtor.’ The document clarifies that filing or compliance does not determine whether the collateral secures an obligation, but if it is determined for another reason that the collateral does secure an obligation, the security interest held by the mentioned parties is perfected by the filing or compliance. The document was repealed in 2000.
Whom does it apply to?
Consignors, lessors, bailors, licensors, buyers of payment intangibles or promissory notes
What does it govern?
FILING AND COMPLIANCE WITH OTHER STATUTES AND TREATIES FOR CONSIGNMENTS, LEASES, OTHER BAILMENTS, AND OTHER TRANSACTIONS
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota