Source: https://www.revisor.mn.gov/statutes/?id=336.9-316&year=2011
Timestamp: 2015-03-29 20:50:57
Document Index: 678242092

Matched Legal Cases: ['art 1', 'art 1', 'art 1', 'art 1', 'art 1', 'art 1']

336.9-316 - 2011 Minnesota Statutes
Print 2011 Minnesota StatutesTrade Regulations, Consumer ProtectionChapter 336Section 336.9-316
336.9-315336.9-317
About Minnesota Statutes2011 Statutes New, Amended or Repealed2011 Statutes Topics (Index)Chapter 336
Full Chapter TextSection 336.9-316
2011 336.9-316 Amended 2011 c 31 art 1 s 5
2000 336.9-316 Repealed 2000 c 399 art 1 s 140
2000 336.9-316 New 2000 c 399 art 1 s 36
336.9-316 MS 1998 [Repealed, 2000 c 399 art 1 s 140]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) or 336.9-305 (c) remains perfected until the earliest of:
(e) When subsection (d) security interest becomes unperfected against purchasers. A security interest described in subsection (d) becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value if the applicable requirements for perfection under section 336.9-311 (b) or 336.9-313 are not satisfied before the earlier of:
(1) A financing statement filed before the change pursuant to the law of the jurisdiction designated in section 336.9-301 (1) or 336.9-305 (c) is effective to perfect a security interest in the collateral if the financing statement would have been effective to perfect a security interest in the collateral had the debtor not changed its location.
(2) If a security interest perfected by a financing statement that is effective under paragraph (1) becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in section 336.9-301 (1) or 336.9-305 (c) or the expiration of the four-month period, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
(i) Effect of change in governing law on financing statement filed against original debtor. If a financing statement naming an original debtor is filed pursuant to the law of the jurisdiction designated in section 336.9-301 (1) or 336.9-305 (c) and the new debtor is located in another jurisdiction, the following rules apply:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under section 336.9-203 (d), if the financing statement would have been effective to perfect a security interest in the collateral had the collateral been acquired by the original debtor.
(2) A security interest perfected by the financing statement and which becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in section 336.9-301 (1) or 336.9-305 (c) or the expiration of the four-month period remains perfected thereafter. A security interest that is perfected by the financing statement but which does not become perfected under the law of the other jurisdiction before the earlier time or event becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
History: 2000 c 399 art 1 s 36; 2011 c 31 art 1 s 5,16
NOTE: The amendment to this section by Laws 2011, chapter 31, article 1, section 5, is effective July 1, 2013. Laws 2011, chapter 31, article 1, section 16.