336.8-602 MS 2006 [Obsolete, 1995 c 194 art 1 s 53]

This provision, part of the Minnesota Statutes governing the Uniform Commercial Code, states that Laws 1995, chapter 194, does not affect actions or proceedings commenced before January 1, 1996. It also provides guidance on the perfection of security interests in securities. If a security interest is perfected on December 31, 1995, and the action used for perfection would suffice under Laws 1996, chapter 361, no further action is required. If the action would not suffice, the security interest remains perfected until December 31, 1996, as long as it could have remained perfected under the law in effect on December 31, 1995.

336.9-101 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-101 SHORT TITLE. This article may be cited as Uniform Commercial Code - Secured Transactions. History: 2000 c 399 art 1 s 1

This legal document, part of the Minnesota Statutes, provides definitions and an index of definitions for the Uniform Commercial Code (UCC). It covers various terms used in the UCC, including those related to secured transactions, collateral, obligations, and transactions involving goods, services, and property. The document applies to individuals, organizations, and entities involved in commercial transactions, such as buyers, sellers, lenders, debtors, and secured parties. It does not provide specific exemptions or penalties.

This section of the Minnesota Statutes, specifically under the Trade Regulations and Consumer Protection section of the Uniform Commercial Code, governs the concept of purchase-money security interest, the application of payments, and the burden of establishing such interests. It defines purchase-money collateral as goods or software that secure a purchase-money obligation, which is an obligation incurred as part of the price of the collateral or to enable the debtor to acquire rights in or use of the collateral.

336.9-104 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-104 CONTROL OF DEPOSIT ACCOUNT. (a) Requirements for control. A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or (3) the secured party becomes the bank’s customer with respect to the deposit account.

This provision, part of the Minnesota Statutes under the Uniform Commercial Code, governs the control of electronic chattel paper. It states that a secured party has control of electronic chattel paper if a system is employed to reliably establish the secured party as the assignee of the chattel paper. The system must ensure that a single authoritative copy of the record exists, which is unique, identifiable, and unalterable, except as provided in specific circumstances.

This legal document, repealed in 2000, pertains to the control of investment property. It outlines the various forms of control for certificated securities, uncertificated securities, security entitlements, and commodity contracts. A person has control of a security or security entitlement as provided in section 336.8-106. Additionally, a secured party has control of a commodity contract if they are the carrying commodity intermediary or if an agreement is in place between the commodity customer, secured party, and commodity intermediary.

336.9-107 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-107 CONTROL OF LETTER OF CREDIT RIGHT. A secured party has control of a letter of credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section 336.5-114 (c) or otherwise applicable law or practice.

This legal document, section 336.9-108 of the Minnesota Statutes, pertains to the sufficiency of description in transactions governed by the Uniform Commercial Code. It states that a description of personal or real property is considered sufficient if it reasonably identifies what is described, unless otherwise specified. The document provides examples of reasonable identification, such as specific listing, category, type of collateral defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other objectively determinable method.