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Can you summarize MNST 336.8-603?
UNIFORM COMMERCIAL CODE > SAVINGS CLAUSE.
Short Summary
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. To continue perfection after December 31, 1996, appropriate action under Laws 1996, chapter 361, must be taken within the one-year period from January 1, 1996, to December 31, 1996. Additionally, if a security interest can be perfected by filing under Laws 1996, chapter 361, a financing statement signed by the secured party may be filed within that period or thereafter to continue or perfect the security interest.
Whom does it apply to?
This provision applies to actions or proceedings commenced before January 1, 1996, and security interests in securities perfected on December 31, 1995.
What does it govern?
Uniform Commercial Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Minnesota