This legal document, part of the Minnesota Statutes under the Trade Regulations and Consumer Protection section, pertains to the determination of whether conduct was commercially reasonable. It applies to secured parties and creditors. The document states that the fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method does not preclude the secured party from establishing that the action was made in a commercially reasonable manner.

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.

Laws 2000, chapter 399, takes effect July 1, 2001. History: 2000 c 399 art 1 s 130

This legal document pertains to transactions and liens governed by Laws 2000, chapter 399 under the Minnesota Statutes. It states that Laws 2000, chapter 399 applies to transactions or liens within its scope, even if they were entered into or created before the law takes effect. It also specifies that transactions and liens that were not governed by the former article 9, but were validly entered into or created before Laws 2000, chapter 399 takes effect, remain valid and can be terminated, completed, consummated, and enforced as required or permitted by the law.

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.

A security interest that is enforceable immediately before Laws 2000, chapter 399, takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for one year after Laws 2000, chapter 399, takes effect; (2) remains enforceable thereafter if the security interest becomes enforceable under section 336.9-203 when Laws 2000, chapter 399, takes effect or within one year thereafter; and (3) becomes perfected: (A) without further action, when Laws 2000, chapter 399, takes effect if the applicable requirements for perfection under Laws 2000, chapter 399, are satisfied before or at that time; or (B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

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.

This legal document pertains to the continuation of the effectiveness of financing statements. It states that the filing of an initial financing statement in the specified office continues the effectiveness of a financing statement filed before Laws 2000, chapter 399 takes effect. The initial financing statement must satisfy certain requirements, including identifying the pre-effective date financing statement and indicating that it remains effective. The filing of an initial financing statement extends the effectiveness of the pre-effective date financing statement for a specific period, depending on whether it is filed before or after Laws 2000, chapter 399 takes effect.

This legal document pertains to pre-effective date financing statements. It defines a pre-effective date financing statement as a financing statement filed before Laws 2000, chapter 399 takes effect. After the law takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in a pre-effective date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3.

A person may file an initial financing statement or a continuation statement under this part if: (1) the secured party of record authorizes the filing; and (2) the filing is necessary under this part: (A) to continue the effectiveness of a financing statement filed before Laws 2000, chapter 399, takes effect; or (B) to perfect or continue the perfection of a security interest. History: 2000 c 399 art 1 s 137