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Can you summarize MNST 336.9-515?
UNIFORM COMMERCIAL CODE > DURATION AND EFFECTIVENESS OF FINANCING STATEMENT; EFFECT OF LAPSED FINANCING STATEMENT.
Short Summary
This legal document, under the Minnesota Statutes, falls under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code (UCC). It governs the duration and effectiveness of financing statements. According to the document, a filed financing statement is effective for a period of five years, unless specified otherwise. An initial financing statement filed in connection with a public finance transaction or manufactured home transaction is effective for 30 years. The effectiveness of a financing statement lapses upon expiration, but it can be continued by filing a continuation statement within a specific timeframe. The document also mentions the effectiveness of financing statements for transmitting utilities and records of mortgages filed as fixture filings. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in financing transactions
What does it govern?
Duration and effectiveness of financing statements under the Uniform Commercial Code (UCC)
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota