Title Minnesota Statutes, Minnesota Statutes

336.9-205 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-205 USE OR DISPOSITION OF COLLATERAL PERMISSIBLE. (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ab…

336.9-206 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-206 SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET. (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a per…

336.9-207 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-207 RIGHTS AND DUTIES OF SECURED PARTY HAVING POSSESSION OR CONTROL OF COLLATERAL. (a) Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable ca…

336.9-208 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-208 ADDITIONAL DUTIES OF SECURED PARTY HAVING CONTROL OF COLLATERAL. (a) Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed t…

336.9-209 DUTIES OF SECURED PARTY IF ACCOUNT DEBTOR HAS BEEN NOTIFIED OF ASSIGNMENT. (a) Applicability of section. Except as otherwise provided in subsection (c), this section applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not committed t…

336.9-210 REQUEST FOR ACCOUNTING; REQUEST REGARDING LIST OF COLLATERAL OR STATEMENT OF ACCOUNT. (a) Definitions. In this section: (1) "Request" means a record of a type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means a record signed by a debtor requ…

336.9-301 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-301 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS. Except as otherwise provided in sections 336.9-303 through 336.9-306B, the following rules determine the law governing perfection, the effect of perfection …

336.9-302 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-302 LAW GOVERNING PERFECTION AND PRIORITY OF AGRICULTURAL LIENS. While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the…

336.9-303 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-303 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY A CERTIFICATE OF TITLE. (a) Applicability of section. This section applies to goods covered by a certificate of title, even if there is n…

336.9-304 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-304 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNTS. (a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfec…

336.9-305 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-305 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY. (a) Governing law: general rules. Except as otherwise provided in subsection (c), the following rules apply: (1) While a security cer…

336.9-306 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-306 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHTS. (a) Governing law: issuer's or nominated person's jurisdiction. Subject to subsection (c), the local law of the issuer's jurisdic…

336.9-306A LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN CHATTEL PAPER. (a) Chattel paper evidenced by authoritative electronic copy. Except as provided in subsection (d), if chattel paper is evidenced only by an authoritative electronic copy of the chattel paper…

336.9-306B LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY INTERESTS IN CONTROLLABLE ACCOUNTS, CONTROLLABLE ELECTRONIC RECORDS, AND CONTROLLABLE PAYMENT INTANGIBLES. (a) Governing law: general rules. Except as provided in subsection (b), the local law of the controllable electr…

336.9-307 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-307 LOCATION OF DEBTOR. (a) Place of business. In this section, "place of business" means a place where a debtor conducts its affairs. (b) Debtor's location: general rules. Except as otherwise provided in this section, th…

336.9-308 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-308 WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED; CONTINUITY OF PERFECTION. (a) Perfection of security interest. Except as otherwise provided in this section and section 336.9-309, a security interest is perfe…

336.9-309 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-309 SECURITY INTEREST PERFECTED UPON ATTACHMENT. The following security interests are perfected when they attach: (1) a purchase-money security interest in consumer goods, except as otherwise provided in section 336.9-311…

336.9-310 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-310 WHEN FILING REQUIRED TO PERFECT SECURITY INTEREST OR AGRICULTURAL LIEN; SECURITY INTERESTS AND AGRICULTURAL LIENS TO WHICH FILING PROVISIONS DO NOT APPLY. (a) General rule: perfection by filing. Except as otherwise pr…

336.9-311 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-311 PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO CERTAIN STATUTES, REGULATIONS, AND TREATIES. (a) Security interest subject to other law. Except as otherwise provided in subsection (d), the filing of a financin…

336.9-312 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-312 PERFECTION OF SECURITY INTERESTS IN CHATTEL PAPER, CONTROLLABLE ACCOUNTS, CONTROLLABLE ELECTRONIC RECORDS, CONTROLLABLE PAYMENT INTANGIBLES, DEPOSIT ACCOUNTS, DOCUMENTS, GOODS COVERED BY DOCUMENTS, INSTRUMENTS, INVEST…

336.9-313 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-313 WHEN POSSESSION BY OR DELIVERY TO SECURED PARTY PERFECTS SECURITY INTEREST WITHOUT FILING. (a) Perfection by possession or delivery. Except as otherwise provided in subsection (b), a secured party may perfect a securi…

336.9-314 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-314 PERFECTION BY CONTROL. (a) Perfection by control. A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, electronic mon…

336.9-314A PERFECTION BY POSSESSION AND CONTROL OF CHATTEL PAPER. (a) Perfection by possession and control. A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obt…

336.9-315 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-315 SECURED PARTY'S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS. (a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds. Except as otherwise provided in this article and in…

336.9-316 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-316 EFFECT OF CHANGE IN GOVERNING LAW. (a) General rule: effect on perfection of change in governing law. A security interest perfected pursuant to the law of the jurisdiction designated in section 336.9-301(1), 336.9-305…

336.9-317 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-317 INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE OF SECURITY INTEREST OR AGRICULTURAL LIEN. (a) Conflicting security interests and rights of lien creditors. A security interest or agricultural lien is subordinate to the…

336.9-318 MS 1998 [Repealed, 2000 c 399 art 1 s 140] 336.9-318 NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD; RIGHTS AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS. (a) Seller retains no interest. A debtor that has sold an account…

336.9-319 RIGHTS AND TITLE OF CONSIGNEE WITH RESPECT TO CREDITORS AND PURCHASERS. (a) Consignee has consignor's rights. Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, whi…

336.9-320 BUYER OF GOODS. (a) Buyer in ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest crea…

336.9-321 LICENSEE OF GENERAL INTANGIBLE AND LESSEE OF GOODS IN ORDINARY COURSE OF BUSINESS. (a) Licensee in ordinary course of business. In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, witho…

336.9-322 PRIORITIES AMONG CONFLICTING SECURITY INTERESTS IN AND AGRICULTURAL LIENS ON SAME COLLATERAL. (a) General priority rules. Except as otherwise provided in this section, priority among conflicting security interests and agricultural liens in the same collateral is determi…

336.9-323 FUTURE ADVANCES. (a) When priority based on time of advance. Except as otherwise provided in subsection (c), for purposes of determining the priority of a perfected security interest under section 336.9-322(a)(1), perfection of the security interest dates from the time …

336.9-324 PRIORITY OF PURCHASE-MONEY SECURITY INTERESTS. (a) General rule: purchase-money priority. Except as otherwise provided in subsection (g), a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security int…

336.9-325 PRIORITY OF SECURITY INTERESTS IN TRANSFERRED COLLATERAL. (a) Subordination of security interest in transferred collateral. Except as otherwise provided in subsection (b), a security interest created by a debtor is subordinate to a security interest in the same collater…

336.9-326 PRIORITY OF SECURITY INTERESTS CREATED BY NEW DEBTOR. (a) Subordination of security interest created by new debtor. Subject to subsection (b), a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfect…

336.9-326A PRIORITY OF SECURITY INTEREST IN CONTROLLABLE ACCOUNT, CONTROLLABLE ELECTRONIC RECORD, AND CONTROLLABLE PAYMENT INTANGIBLE. A security interest in a controllable account, controllable electronic record, or controllable payment intangible held by a secured party having …

336.9-327 PRIORITY OF SECURITY INTERESTS IN DEPOSIT ACCOUNT. The following rules govern priority among conflicting security interests in the same deposit account: (1) A security interest held by a secured party having control of the deposit account under section 336.9-104 has pri…

336.9-328 PRIORITY OF SECURITY INTERESTS IN INVESTMENT PROPERTY. The following rules govern priority among conflicting security interests in the same investment property: (1) A security interest held by a secured party having control of investment property under section 336.9-106…

336.9-329 PRIORITY OF SECURITY INTERESTS IN LETTER OF CREDIT RIGHT. 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 sect…

336.9-330 PRIORITY OF PURCHASER OF CHATTEL PAPER OR INSTRUMENT. (a) Purchaser's priority: security interest claimed merely as proceeds. A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed merely as proceeds of inventory subject…

336.9-331 PRIORITY OF RIGHTS OF PURCHASERS OF CONTROLLABLE ACCOUNTS, CONTROLLABLE ELECTRONIC RECORDS, CONTROLLABLE PAYMENT INTANGIBLES, DOCUMENTS, INSTRUMENTS, AND SECURITIES UNDER OTHER ARTICLES; PRIORITY OF INTERESTS IN FINANCIAL ASSETS AND SECURITY ENTITLEMENTS AND PROTECTION …

336.9-332 TRANSFER OF MONEY; TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT. (a) Transferee of tangible money. A transferee of tangible money takes the money free of a security interest if the transferee receives possession of the money without acting in collusion with the debtor in viol…

336.9-333 PRIORITY OF CERTAIN LIENS ARISING BY OPERATION OF LAW. (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 …

336.9-334 PRIORITY OF SECURITY INTERESTS IN FIXTURES AND CROPS. (a) Security interest in fixtures under this article. A security interest under this article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist…

336.9-335 ACCESSIONS. (a) Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession. (b) Perfection of security interest. If a security interest is perfected when the collateral becomes an …

336.9-336 COMMINGLED GOODS. (a) Commingled goods. In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass. (b) No security interest in commingled goods as such. A security intere…