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Can you summarize MNST 336.9-627?
UNIFORM COMMERCIAL CODE > DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the determination of whether conduct was commercially reasonable. It applies to secured parties and creditors. The document states that the fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method does not preclude the secured party from establishing that the action was made in a commercially reasonable manner. It also outlines the criteria for a disposition of collateral to be considered commercially reasonable, such as being made in the usual manner on any recognized market or at the current market price. Additionally, it mentions that approval by a court, bona fide creditors’ committee, representative of creditors, or assignee for the benefit of creditors can establish commercial reasonableness. Lack of approval does not mean that the action is not commercially reasonable. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties and creditors
What does it govern?
DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota