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Can you summarize MNST 336.9-611?
UNIFORM COMMERCIAL CODE > NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
Short Summary
This legal document, governed by the Uniform Commercial Code under the Trade Regulations and Consumer Protection section of the Minnesota Statutes, establishes the requirement for secured parties to provide notification before disposing of collateral. The notification date is defined as the date on which the secured party sends an authenticated notification of disposition to the debtor and any secondary obligor, or when the debtor and any secondary obligor waive the right to notification. The secured party must send a reasonable authenticated notification of disposition to the debtor, any secondary obligor, and other specified parties if the collateral is not consumer goods. However, the notification requirement does not apply if the collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market. The document also outlines the compliance requirements for notifying other secured parties or lienholders who have an interest in the collateral. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, secondary obligors, other persons with an interest in the collateral
What does it govern?
Notification before disposition of collateral
What are exemptions?
The notification requirement does not apply if the collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Minnesota