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Can you summarize MNST 336.9-616?
UNIFORM COMMERCIAL CODE > EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY.
Short Summary
This legal document governs the calculation of surplus or deficiency in consumer goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The document defines the term ’explanation’ as a writing that states the amount of the surplus or deficiency, provides an explanation of how it was calculated, mentions the possibility of future debits, credits, charges, and provides contact information for additional transaction details. A ‘request’ is defined as a record authenticated by a debtor or consumer obligor, requesting an explanation after the disposition of collateral. The document outlines the requirements for sending an explanation to the debtor or consumer obligor, including the timing and content of the explanation. It specifies the information that must be included in the explanation, such as the aggregate amount of obligations secured by the security interest, the amount of proceeds from the disposition, and the amount of expenses and credits. The document also mentions that substantial compliance with the requirements is sufficient and allows for charges for additional responses. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, and consumer obligors involved in consumer goods transactions
What does it govern?
Calculation of surplus or deficiency in consumer goods transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota