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Can you summarize MNST 336.9-506?
UNIFORM COMMERCIAL CODE > EFFECT OF ERRORS OR OMISSIONS.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the effect of errors or omissions in financing statements. It states that a financing statement that substantially satisfies the requirements of this part is effective, even if it contains minor errors or omissions, unless these errors or omissions make the financing statement seriously misleading. However, a financing statement that fails to provide the name of the debtor in accordance with section 336.9-503(a) is considered seriously misleading, unless a search of the filing office’s records under the debtor’s correct name would disclose a financing statement with the same deficiency. The document also defines the debtor’s correct name for the purpose of section 336.9-508(b) as the correct name of the new debtor. This document was repealed in 2000.
Whom does it apply to?
Parties involved in filing financing statements
What does it govern?
Effect of errors or omissions in financing statements
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota