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Can you summarize MNST 336.9-610?
UNIFORM COMMERCIAL CODE > DISPOSITION OF COLLATERAL AFTER DEFAULT.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, addresses the disposition of collateral after default. It allows a secured party to sell, lease, license, or otherwise dispose of the collateral in its present condition or after reasonable preparation or processing. The disposition must be commercially reasonable, considering factors such as method, manner, time, place, and terms. The secured party can use public or private proceedings, contracts, and can purchase the collateral themselves under certain conditions. The document also includes warranties on the disposition and allows the secured party to disclaim or modify these warranties. Overall, it provides guidelines for the proper handling and disposal of collateral after default.
Whom does it apply to?
Secured parties and purchasers of collateral
What does it govern?
Disposition of collateral after default
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota