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Can you summarize MNST 336.8-112?
UNIFORM COMMERCIAL CODE > CREDITOR'S LEGAL PROCESS.
Short Summary
This legal document, governed by the Minnesota Statutes under the Uniform Commercial Code, outlines the process by which a creditor can reach the interest of a debtor in different types of securities. The document specifies that the interest of a debtor in a certificated security can only be reached by actual seizure of the security certificate, unless the certificate has been surrendered to the issuer. For an uncertificated security, the creditor can reach the debtor’s interest through legal process upon the issuer. In the case of a security entitlement, the creditor can reach the debtor’s interest through legal process upon the securities intermediary. However, if the certificated security is in the possession of a secured party, or the uncertificated security or security entitlement is registered in the name of a secured party, the creditor can reach the debtor’s interest by legal process upon the secured party. The document also states that a creditor can seek aid from a court to reach the securities or satisfy the claim. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
Debtors, creditors, issuers, and securities intermediaries
What does it govern?
Creditor's legal process
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Minnesota