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Can you summarize MNST 336.9-621?
UNIFORM COMMERCIAL CODE > NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.
Short Summary
This legal document pertains to the acceptance of collateral in full or partial satisfaction of a secured obligation. It outlines the requirements for a secured party to send a proposal to various parties, including those who have claimed an interest in the collateral, other secured parties or lienholders, and secondary obligors. The proposal must be sent within specific timeframes before the debtor consents to the acceptance. Additionally, if the acceptance is partial, the proposal must also be sent to any secondary obligor. The document does not mention any exemptions or penalties. Overall, it provides guidelines for the proper acceptance of collateral in accordance with the applicable laws and regulations.
Whom does it apply to?
Secured parties, persons with an interest in the collateral, secondary obligors
What does it govern?
Acceptance of collateral in full or partial satisfaction of a secured obligation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota