(a) Law governing priority. Laws 2000, chapter 399, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before Laws 2000, chapter 399, takes effect, former article 9 determines priority. (b) Priority if security interests become enforceable under section 336.9-203 . For purposes of section 336.9-322 (a), the priority of a security interest that becomes enforceable under section 336.9-203 dates from the time Laws 2000, chapter 399, takes effect if the security interest is perfected under Laws 2000, chapter 399, by the filing of a financing statement before Laws 2000, chapter 399, takes effect which would not have been effective to perfect the security interest under former article 9.

Laws 2011, chapter 31, takes effect on July 1, 2013. History: 2011 c 31 art 1 s 16

(a) Pre-effective date transactions or liens. Except as otherwise provided in this section, Laws 2011, chapter 31, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before Laws 2011, chapter 31, takes effect. (b) Pre-effective date proceedings. Laws 2011, chapter 31, does not affect an action, case, or proceeding commenced before Laws 2011, chapter 31, takes effect. History: 2011 c 31 art 1 s 16,17

This legal document pertains to the perfection of security interests under article 9 of the Uniform Commercial Code. It specifies the requirements for continuing perfection of security interests before and after the effective date of Laws 2011, chapter 31. If a security interest is already perfected before the effective date, it remains perfected under the amended article 9 without further action. However, if the perfection requirements are not satisfied before the effective date, the security interest will only remain perfected if the applicable requirements are met within one year after the effective date.

A security interest that is an unperfected security interest immediately before Laws 2011, chapter 31, takes effect becomes a perfected security interest: (1) without further action, when Laws 2011, chapter 31, takes effect if the applicable requirements for perfection under article 9 as amended by Laws 2011, chapter 31, are satisfied before or at that time; or (2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

This legal document addresses the effectiveness of actions taken before the effective date of Laws 2011, chapter 31, under the Minnesota Statutes. It states that the filing of a financing statement before the effective date is effective to perfect a security interest to the extent it satisfies the applicable requirements for perfection under article 9 as amended by Laws 2011, chapter 31. It also clarifies that Laws 2011, chapter 31, does not render ineffective an effective financing statement filed before its effective date, as long as it satisfies the applicable requirements for perfection under the previous version of article 9.

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 2011, chapter 31, 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 period of continued effectiveness depends on whether the initial financing statement is filed before or after Laws 2011, chapter 31, 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 2011, chapter 31, 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 article 9 as amended by Laws 2011, chapter 31.

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 2011, chapter 31, takes effect; or (B) to perfect or continue the perfection of a security interest. History: 2011 c 31 art 1 s 16,23

Laws 2011, chapter 31, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before Laws 2011, chapter 31, takes effect, article 9 as it existed before amendment determines priority. History: 2011 c 31 art 1 s 16,24