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Can you summarize MNST 336.9-703?
UNIFORM COMMERCIAL CODE > SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.
Short Summary
This legal document, under the Minnesota Statutes, specifically under the Uniform Commercial Code, addresses the perfection and priority of security interests in relation to lien creditors. It states that a security interest that is enforceable immediately before the effective date of Laws 2000, chapter 399, and would have priority over a person becoming a lien creditor at that time, is considered a perfected security interest if the applicable requirements for enforceability and perfection under Laws 2000, chapter 399, are satisfied without further action. If the requirements are not satisfied at the effective date, the security interest is considered perfected for one year after the effective date, but remains enforceable and perfected only if the applicable requirements are met within that year. This document provides provisions for the continuing priority of security interests and the actions required for enforceability and perfection.
Whom does it apply to?
Persons with security interests and lien creditors
What does it govern?
Security interests and lien creditors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota