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Can you summarize MNST 336.9-604?
UNIFORM COMMERCIAL CODE > PROCEDURE IF SECURITY AGREEMENT COVERS REAL PROPERTY OR FIXTURES.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, provides guidelines for the enforcement of security agreements that cover both personal and real property, as well as fixtures. If a security agreement covers both personal and real property, a secured party may proceed with enforcement separately for the personal property without affecting their rights with respect to the real property. Alternatively, they may enforce both the personal and real property together, following the rights associated with the real property. The document also allows a secured party to remove fixtures from the real property if they have priority over all owners and encumbrancers. In such cases, the secured party must promptly reimburse any encumbrancer or owner for the cost of repairing any physical injury caused by the removal. However, they are not required to reimburse for any diminution in value of the real property or the necessity of replacing the removed goods. This document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Secured parties, owners and encumbrancers of real property
What does it govern?
Enforcement of security agreements covering personal and real property, as well as fixtures
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota