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Can you summarize MNST 336.9-513?
UNIFORM COMMERCIAL CODE > TERMINATION STATEMENT.
Short Summary
This legal document governs the termination of financing statements under the Uniform Commercial Code (UCC) for consumer goods and other collateral. It applies to secured parties and debtors involved in financing statements for consumer goods and other collateral. The document outlines the requirements for filing a termination statement, including situations where there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value. It also specifies the timeframes for compliance with the termination requirements. The document further explains the effect of filing a termination statement, which causes the financing statement to cease its effectiveness. However, specific penalties for non-compliance or violations are not mentioned in this document.
Whom does it apply to?
Secured parties and debtors involved in financing statements for consumer goods and other collateral
What does it govern?
Termination of financing statements under the Uniform Commercial Code (UCC) for consumer goods and other collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota