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Can you summarize MNST 336.9-626?
UNIFORM COMMERCIAL CODE > ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.
Short Summary
This legal document governs actions arising from transactions, other than consumer transactions, where the amount of a deficiency or surplus is in issue. It outlines the rules that apply in such cases. A secured party is not required to prove compliance with certain provisions unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with the relevant provisions. If the secured party fails to prove compliance, the liability of the debtor or secondary obligor for a deficiency is limited to the excess of the secured obligation, expenses, and attorney’s fees over the proceeds of the collection, enforcement, disposition, or acceptance, or the amount that would have been realized if the secured party had proceeded in accordance with the relevant provisions. If a deficiency or surplus is calculated under a specific section, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition would have brought. These rules apply to nonconsumer transactions, and the determination of proper rules in consumer transactions is left to the court’s discretion.
Whom does it apply to?
Secured parties, debtors, secondary obligors
What does it govern?
Deficiency or surplus in an action arising from a transaction
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota