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Can you summarize MNST 336.9-601?
UNIFORM COMMERCIAL CODE > RIGHTS AFTER DEFAULT; JUDICIAL ENFORCEMENT; CONSIGNOR OR BUYER OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, OR PROMISSORY NOTES.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the rights and enforcement procedures after default in a secured transaction. It outlines the rights of a secured party, including the ability to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. The document also discusses the rights and duties of a secured party in possession or control of collateral. It emphasizes that the rights of the secured party and the debtor/obligor are cumulative and may be exercised simultaneously. Additionally, the document addresses the rights of a consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes, stating that no additional duties are imposed on the secured party in such cases. Furthermore, it mentions the enforcement of security interests in agricultural property and the requirement for mediation notice in certain cases. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, obligors, consignors, buyers of accounts, chattel paper, payment intangibles, or promissory notes
What does it govern?
Rights after default; Judicial enforcement; Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota