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Can you summarize MNST 336.9-607?
UNIFORM COMMERCIAL CODE > COLLECTION AND ENFORCEMENT BY SECURED PARTY.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, pertains to the collection and enforcement rights of a secured party. It outlines the actions a secured party can take, such as notifying an account debtor or other obligated person to make payment or perform obligations, enforcing obligations, and exercising debtor’s rights. The document also covers the application of deposit account balances, nonjudicial enforcement of mortgages, commercially reasonable collection and enforcement, and the deduction of expenses. It clarifies the procedures for recording assignments, affidavits, and transfer statements related to mortgages and executory contracts for the sale of real property. Overall, this document provides guidelines for secured parties to collect and enforce their rights in a commercially reasonable manner.
Whom does it apply to?
Secured parties, account debtors, and other persons obligated on collateral
What does it govern?
Collection and enforcement by secured party
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota