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Can you summarize MNST 336.9-615?
UNIFORM COMMERCIAL CODE > APPLICATION OF PROCEEDS OF DISPOSITION; LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS.
Short Summary
This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the application of proceeds from the disposition of collateral, liability for deficiency, and the right to surplus. It applies to secured parties, holders of subordinate security interests or other liens, debtors, and obligors. The document outlines the order in which cash proceeds of disposition should be applied, including expenses, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by subordinate security interests or other liens. It also addresses the application of noncash proceeds, surplus or deficiency in dispositions, and the treatment of sales of certain rights to payment. The document further specifies the calculation of surplus or deficiency in dispositions to persons related to the secured party and the treatment of cash proceeds received by a junior secured party. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, holders of subordinate security interests or other liens, debtors, obligors
What does it govern?
Application of proceeds of disposition; liability for deficiency and right to surplus
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota