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Can you summarize MNST 336.9-512?
UNIFORM COMMERCIAL CODE > AMENDMENT OF FINANCING STATEMENT.
Short Summary
This legal document pertains to the amendment of information in a financing statement. It allows a person to add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement. The amendment must identify the file number of the initial financing statement and provide the necessary information if the amendment relates to an initial financing statement filed or recorded in a specific filing office. The filing of an amendment does not extend the period of effectiveness of the financing statement, except as otherwise provided. An amendment that adds collateral or a debtor is effective from the date of filing. However, certain amendments are ineffective if they fail to provide the name of a debtor or a new secured party of record when deleting all debtors or secured parties of record. No penalties are mentioned in this document.
Whom does it apply to?
Persons who wish to add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a financing statement
What does it govern?
Amendment of information in financing statement
What are exemptions?
An amendment is ineffective if it purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement, or if it purports to delete all secured parties of record and fails to provide the name of a new secured party of record
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Minnesota