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Can you summarize MNST 336.9-628?
UNIFORM COMMERCIAL CODE > NONLIABILITY AND LIMITATION ON LIABILITY OF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR.
Short Summary
This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the nonliability and limitation on liability of a secured party, as well as the liability of a secondary obligor. The document outlines the limitations of liability for a secured party in case of noncompliance with the article, based on their knowledge of the debtor or obligor’s identity and communication details. It also specifies that a secured party is not liable solely due to their status as a secured party, unless they have knowledge of the debtor’s identity. The document further limits the liability of a secured party if they have a good faith belief that a transaction is not a consumer goods transaction or a consumer transaction. Additionally, it states that a secured party is not liable for statutory damages for failure to comply with certain sections, and that they are not liable multiple times for the same secured obligation. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, obligors, secured parties or lienholders that have filed a financing statement against a person
What does it govern?
Nonliability and limitation on liability of secured party; liability of secondary obligor
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota