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Can you summarize MNST 336.9-509?
UNIFORM COMMERCIAL CODE > PERSONS ENTITLED TO FILE A RECORD.
Short Summary
This legal document governs the filing of initial financing statements, amendments that add collateral or debtors to financing statements, and termination statements under the Uniform Commercial Code (UCC). It specifies that a person may file an initial financing statement, amendment, or termination statement if the debtor authorizes the filing, or if the person holds an agricultural lien that has become effective. The document also outlines that by authenticating or becoming bound as a debtor by a security agreement, a debtor authorizes the filing of an initial financing statement or amendment covering the collateral described in the security agreement. Additionally, it states that by acquiring collateral in which a security interest or agricultural lien continues, a debtor authorizes the filing of an initial financing statement or amendment covering the collateral. The document further mentions that a person may file certain amendments if the secured party of record authorizes the filing, or if the amendment is a termination statement for a financing statement where the secured party of record has failed to file or send a termination statement as required. If there are multiple secured parties of record, each secured party may authorize the filing of an amendment. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons who wish to file an initial financing statement, amendment, or termination statement
What does it govern?
Filing of initial financing statements, amendments, and termination statements under the Uniform Commercial Code (UCC)
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota