The following rules govern priority among conflicting security interests in the same letter of credit right: (1) A security interest held by a secured party having control of the letter of credit right under section 336.9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control. (2) Security interests perfected by control under section 336.9-314 rank according to priority in time of obtaining control.

This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory subject to a security interest. The purchaser must give new value, take possession of the chattel paper, or obtain control of it in good faith and in the ordinary course of business.

(a) Rights under articles 3, 7, and 8 not limited. This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in articles 3, 7, and 8.

(a) Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party. (b) Transferee of funds from deposit account. A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.

(a) Possessory lien. In this section, ‘possessory lien’ means an interest, other than a security interest or an agricultural lien: (1) which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business; (2) which is created by statute or rule of law in favor of the person; and (3) whose effectiveness depends on the person’s possession of the goods.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the priority of security interests in fixtures and crops. It outlines the rules regarding security interests in goods that are fixtures or become fixtures, as well as the subordination of security interests to conflicting interests of encumbrancers or owners of related real property. The document also covers the priority of security interests in fixtures over interests in real property, based on factors such as fixture filing, possession, and consent.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the creation, perfection, and priority of security interests in accessions. It states that a security interest can be created in an accession and continues in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate of title statute.

This section of the Minnesota Statutes, under the Uniform Commercial Code, governs the concept of commingled goods. Commingled goods refer to goods that are physically combined with other goods in a way that their individual identity is lost. The section clarifies that a security interest does not exist in commingled goods themselves, but it may attach to the resulting product or mass when goods become commingled. If collateral becomes commingled goods, a security interest attaches to the product or mass.

If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate: (1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and (2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 336.

If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 336.9-516 (b)(5) which is incorrect at the time the financing statement is filed: (1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and (2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.