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Can you summarize MNST 336.9-705?
UNIFORM COMMERCIAL CODE > EFFECTIVENESS OF ACTION TAKEN BEFORE EFFECTIVE DATE.
Short Summary
This legal document pertains to the effectiveness of actions taken before the effective date of Laws 2000, chapter 399 under the Uniform Commercial Code provisions. It specifies that if an action, other than filing a financing statement, is taken before the effective date and would have resulted in priority of a security interest over the rights of a person becoming a lien creditor, the action is effective to perfect a security interest that attaches under Laws 2000, chapter 399 within one year after its effective date. However, the attached security interest becomes unperfected one year after the effective date unless it becomes a perfected security interest before that period. The document also addresses pre-effective date filings, filings in the jurisdiction formerly governing perfection, continuation statements, and the application of subsections to transmitting utility financing statements. No penalties or exemptions are mentioned in this document.
Whom does it apply to?
Creditors and persons with security interests
What does it govern?
Uniform Commercial Code provisions related to the effectiveness of actions taken before the effective date of Laws 2000, chapter 399
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota