reglab/statecodes huggingface dataset:
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-328 — Priority Of Security Interests In Investment Property.

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 has priority over a security interest held by a secured party that does not have control of the investment property.
(2) Except as otherwise provided in paragraphs (3) and (4), conflicting security interests held by secured parties each of which has control under section 336.9-106 rank according to priority in time of:
(A) if the collateral is a security, obtaining control;
(B) if the collateral is a security entitlement carried in a securities account and:
(i) if the secured party obtained control under section 336.8-106(d)(1), the secured party's becoming the person for which the securities account is maintained;
(ii) if the secured party obtained control under section 336.8-106(d)(2), the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or
(iii) if the secured party obtained control through another person under section 336.8-106(d)(3), the time on which priority would be based under this paragraph if the other person were the secured party; or
(C) if the collateral is a commodity contract carried with a commodity intermediary, the satisfaction of the requirement for control specified in section 336.9-106(b)(2) with respect to commodity contracts carried or to be carried with the commodity intermediary.
(3) A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.
(4) A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.
(5) A security interest in a certificated security in registered form which is perfected by taking delivery under section 336.9-313(a) and not by control under section 336.9-314 has priority over a conflicting security interest perfected by a method other than control.
(6) Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under section 336.9-106 rank equally.
(7) In all other cases, priority among conflicting security interests in investment property is governed by sections 336.9-322 and 336.9-323.
History:
2000 c 399 art 1 s 48
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-329 — Priority Of Security Interests In Letter Of Credit Right.

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 section 336.9-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
(2) Security interests perfected by control under section 336.9-314 rank according to priority in time of obtaining control.
History:
2000 c 399 art 1 s 49
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-330 — Priority Of Purchaser Of Chattel Paper Or Instrument.

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 to a security interest if:
(1) in good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 336.9-105; and
(2) the chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.
(b)
Purchaser's priority: other security interests.
A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under section 336.9-105 in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.
(c)
Chattel paper purchaser's priority in proceeds.
Except as otherwise provided in section 336.9-327, a purchaser having priority in chattel paper under subsection (a) or (b) also has priority in proceeds of the chattel paper to the extent that:
(1) section 336.9-322 provides for priority in the proceeds; or
(2) the proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected.
(d)
Instrument purchaser's priority.
Except as otherwise provided in section 336.9-331(a), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.
(e)
Holder of purchase-money security interest gives new value.
For purposes of subsections (a) and (b), the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.
(f)
Indication of assignment gives knowledge.
For purposes of subsections (b) and (d), if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party.
History:
2000 c 399 art 1 s 50
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-331 — Priority Of Rights Of Purchasers Of Instruments, Documents, And Securities Under Other Articles; Priority Of Interests In Financial Assets And Security Entitlements Under Article 8.

336.9-331 PRIORITY OF RIGHTS OF PURCHASERS OF INSTRUMENTS, DOCUMENTS, AND SECURITIES UNDER OTHER ARTICLES; PRIORITY OF INTERESTS IN FINANCIAL ASSETS AND SECURITY ENTITLEMENTS UNDER ARTICLE 8.
(a)
Rights under articles 3, 7, and 8 not limited.
This article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in articles 3, 7, and 8.
(b)
Protection under article 8.
This article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under article 8.
(c)
Filing not notice.
Filing under this article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b).
History:
2000 c 399 art 1 s 51
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-332 — Transfer Of Money; Transfer Of Funds From Deposit Account.

336.9-332 TRANSFER OF MONEY; TRANSFER OF FUNDS FROM DEPOSIT ACCOUNT.
(a)
Transferee of money.
A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
(b)
Transferee of funds from deposit account.
A transferee of funds from a deposit account takes the funds free of a security interest in the deposit account unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
History:
2000 c 399 art 1 s 52
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-333 — Priority Of Certain Liens Arising By Operation Of Law.

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 furnished with respect to goods by a person in the ordinary course of the person's business;
(2) which is created by statute or rule of law in favor of the person; and
(3) whose effectiveness depends on the person's possession of the goods.
(b)
Priority of possessory lien.
A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
History:
2000 c 399 art 1 s 53
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-335 — Accessions.

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 accession, the security interest remains perfected in the collateral.
(c)
Priority of security interest.
Except as otherwise provided in subsection (d), the other provisions of this part determine the priority of a security interest in an accession.
(d)
Compliance with certificate of title statute.
A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate of title statute under section 336.9-311(b).
(e)
Removal of accession after default.
After default, subject to Part 6, a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.
(f)
Reimbursement following removal.
A secured party that removes an accession from other goods under subsection (e) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
History:
2000 c 399 art 1 s 55
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-336 — Commingled Goods.

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 interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.
(c)
Attachment of security interest to product or mass.
If collateral becomes commingled goods, a security interest attaches to the product or mass.
(d)
Perfection of security interest.
If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) is perfected.
(e)
Priority of security interest.
Except as otherwise provided in subsection (f), the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c).
(f)
Conflicting security interests in product or mass.
If more than one security interest attaches to the product or mass under subsection (c), the following rules determine priority:
(1) A security interest that is perfected under subsection (d) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.
(2) If more than one security interest is perfected under subsection (d), the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.
History:
2000 c 399 art 1 s 56
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-337 — Priority Of Security Interests In Goods Covered By Certificate Of Title.

336.9-337 PRIORITY OF SECURITY INTERESTS IN GOODS COVERED BY CERTIFICATE OF TITLE.
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
(1) a buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
(2) the security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under section 336.9-311(b), after issuance of the certificate and without the conflicting secured party's knowledge of the security interest.
History:
2000 c 399 art 1 s 57
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-338 — Priority Of Security Interest Or Agricultural Lien Perfected By Filed Financing Statement Providing Certain Incorrect Information.

336.9-338 PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION.
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in section 336.9-516(b)(5) which is incorrect at the time the financing statement is filed:
(1) the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
(2) a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
History:
2000 c 399 art 1 s 58; 2004 c 162 art 5 s 28
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-339 — Priority Subject To Subordination.

336.9-339 PRIORITY SUBJECT TO SUBORDINATION.
This article does not preclude subordination by agreement by a person entitled to priority.
History:
2000 c 399 art 1 s 59
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-340 — Effectiveness Of Right Of Recoupment Or Setoff Against Deposit Account.

336.9-340 EFFECTIVENESS OF RIGHT OF RECOUPMENT OR SETOFF AGAINST DEPOSIT ACCOUNT.
(a)
Exercise of recoupment or setoff.
Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or setoff against a secured party that holds a security interest in the deposit account.
(b)
Recoupment or setoff not affected by security interest.
Except as otherwise provided in subsection (c), the application of this article to a security interest in a deposit account does not affect a right of recoupment or setoff of the secured party as to a deposit account maintained with the secured party.
(c)
When setoff ineffective.
The exercise by a bank of a setoff against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under section 336.9-104(a)(3), if the setoff is based on a claim against the debtor.
History:
2000 c 399 art 1 s 60
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-341 — Bank's Rights And Duties With Respect To Deposit Account.

336.9-341 BANK'S RIGHTS AND DUTIES WITH RESPECT TO DEPOSIT ACCOUNT.
Except as otherwise provided in section 336.9-340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by:
(1) the creation, attachment, or perfection of a security interest in the deposit account;
(2) the bank's knowledge of the security interest; or
(3) the bank's receipt of instructions from the secured party.
History:
2000 c 399 art 1 s 61
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-342 — Bank's Right To Refuse To Enter Into Or Disclose Existence Of Control Agreement.

336.9-342 BANK'S RIGHT TO REFUSE TO ENTER INTO OR DISCLOSE EXISTENCE OF CONTROL AGREEMENT.
This article does not require a bank to enter into an agreement of the kind described in section 336.9-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
History:
2000 c 399 art 1 s 62
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-401 — Alienability Of Debtor's Rights.

336.9-401
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-401 ALIENABILITY OF DEBTOR'S RIGHTS.
(a)
Other law governs alienability; exceptions.
Except as otherwise provided in subsection (b) and sections 336.9-406, 336.9-407, 336.9-408, and 336.9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article.
(b)
Agreement does not prevent transfer.
An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
History:
2000 c 399 art 1 s 63
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-402 — Secured Party Not Obligated On Contract Of Debtor Or In Tort.

336.9-402
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-402 SECURED PARTY NOT OBLIGATED ON CONTRACT OF DEBTOR OR IN TORT.
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
History:
2000 c 399 art 1 s 64
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-403 — Agreement Not To Assert Defenses Against Assignee.

336.9-403
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-403 AGREEMENT NOT TO ASSERT DEFENSES AGAINST ASSIGNEE.
(a)
Value.
In this section, "value" has the meaning provided in section 336.3-303(a).
(b)
Agreement not to assert claim or defense.
Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment:
(1) for value;
(2) in good faith;
(3) without notice of a claim of a property or possessory right to the property assigned; and
(4) without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under section 336.3-305(a).
(c)
When subsection (b) not applicable.
Subsection (b) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under section 336.3-305(b).
(d)
Omission of required statement in consumer transaction.
In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement:
(1) the record has the same effect as if the record included such a statement; and
(2) the account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement.
(e)
Rule for individual under other law.
This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(f)
Other law not displaced.
Except as otherwise provided in subsection (d), this section does not displace law other than this article which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
History:
2000 c 399 art 1 s 65
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-404 — Rights Acquired By Assignee; Claims And Defenses Against Assignee.

336.9-404
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-404 RIGHTS ACQUIRED BY ASSIGNEE; CLAIMS AND DEFENSES AGAINST ASSIGNEE.
(a)
Assignee's rights subject to terms, claims, and defenses; exceptions.
Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to:
(1) all terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and
(2) any other defense or claim of the account debtor against the assignor which accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee.
(b)
Account debtor's claim reduces amount owed to assignee.
Subject to subsection (c) and except as otherwise provided in subsection (d), the claim of an account debtor against an assignor may be asserted against an assignee under subsection (a) only to reduce the amount the account debtor owes.
(c)
Rule for individual under other law.
This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d)
Omission of required statement in consumer transaction.
In a consumer transaction, if a record evidences the account debtor's obligation, law other than this article requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement.
(e)
Inapplicability to health-care-insurance receivable.
This section does not apply to an assignment of a health-care-insurance receivable.
History:
2000 c 399 art 1 s 66
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-405 — Modification Of Assigned Contract.

336.9-405
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-405 MODIFICATION OF ASSIGNED CONTRACT.
(a)
Effect of modification on assignee.
A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d).
(b)
Applicability of subsection (a).
Subsection (a) applies to the extent that:
(1) the right to payment or a part thereof under an assigned contract has not been fully earned by performance; or
(2) the right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under section 336.9-406(a).
(c)
Rule for individual under other law.
This section is subject to law other than this article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
(d)
Inapplicability to health-care-insurance receivable.
This section does not apply to an assignment of a health-care-insurance receivable.
History:
2000 c 399 art 1 s 67
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-407 — Restrictions On Creation Or Enforcement Of Security Interest In Leasehold Interest Or In Lessor's Residual Interest.

336.9-407
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-407 RESTRICTIONS ON CREATION OR ENFORCEMENT OF SECURITY INTEREST IN LEASEHOLD INTEREST OR IN LESSOR'S RESIDUAL INTEREST.
(a)
Term restricting assignment generally ineffective.
Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it:
(1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
(2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b)
Effectiveness of certain terms.
Except as otherwise provided in section 336.2A-303(7), a term described in subsection (a)(2) is effective to the extent that there is:
(1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
(2) a delegation of a material performance of either party to the lease contract in violation of the term.
(c)
Security interest not material impairment.
The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of section 336.2A-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.
History:
2000 c 399 art 1 s 69; 2001 c 195 art 1 s 11
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-409 — Restrictions On Assignment Of Letter Of Credit Rights Ineffective.

336.9-409 RESTRICTIONS ON ASSIGNMENT OF LETTER OF CREDIT RIGHTS INEFFECTIVE.
(a)
Term or law restricting assignment generally ineffective.
A term in a letter of credit or a rule of law, statute, regulation, custom, or practice applicable to the letter of credit which prohibits, restricts, or requires the consent of an applicant, issuer, or nominated person to a beneficiary's assignment of or creation of a security interest in a letter of credit right is ineffective to the extent that the term or rule of law, statute, regulation, custom, or practice:
(1) would impair the creation, attachment, or perfection of a security interest in the letter of credit right; or
(2) provides that the assignment or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the letter of credit right.
(b)
Limitation on ineffectiveness under subsection (a).
To the extent that a term in a letter of credit is ineffective under subsection (a) but would be effective under law other than this article or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment, or perfection of a security interest in the letter of credit right:
(1) is not enforceable against the applicant, issuer, nominated person, or transferee beneficiary;
(2) imposes no duties or obligations on the applicant, issuer, nominated person, or transferee beneficiary; and
(3) does not require the applicant, issuer, nominated person, or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party.
History:
2000 c 399 art 1 s 71
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-501 — Filing Office.

336.9-501
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-501 FILING OFFICE.
(a)
Filing offices.
Except as otherwise provided in subsection (b), if the local law of this state governs perfection of a security interest or agricultural lien, the office in which to file a financing statement to perfect the security interest or agricultural lien is:
(1) the office designated for the filing or recording of a record of a mortgage on the related real property, if:
(A) the collateral is as-extracted collateral or timber to be cut; or
(B) the financing statement is filed as a fixture filing and the collateral is goods that are or are to become fixtures; or
(2) the central filing system operated by the office of the secretary of state, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
(b)
Filing office for transmitting utilities.
The office in which to file a financing statement to perfect a security interest in collateral, including fixtures, of a transmitting utility is the central filing system operated by the Office of the Secretary of State. The financing statement also constitutes a fixture filing as to the collateral indicated in the financing statement which is or is to become fixtures.
History:
2000 c 399 art 1 s 72
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-502 — Contents Of Financing Statement; Record Of Mortgage As Financing Statement; Time Of Filing Financing Statement.

336.9-502
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-502 CONTENTS OF FINANCING STATEMENT; RECORD OF MORTGAGE AS FINANCING STATEMENT; TIME OF FILING FINANCING STATEMENT.
(a)
Sufficiency of financing statement.
Subject to subsection (b), a financing statement is sufficient only if it:
(1) provides the name of the debtor;
(2) provides the name of the secured party or a representative of the secured party; and
(3) indicates the collateral covered by the financing statement.
(b)
Real property-related financing statements.
Except as otherwise provided in section 336.9-501 (b), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) and also:
(1) indicate that it covers this type of collateral;
(2) indicate that it is to be filed for record in the real property records;
(3) provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and
(4) if the debtor does not have an interest of record in the real property, provide the name of a record owner.
(c)
Record of mortgage as financing statement.
A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:
(1) the record indicates the goods or accounts that it covers;
(2) the goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
(3) the record satisfies the requirements for a financing statement in this section, but:
(A) the record need not indicate that it is to be filed in the real property records; and
(B) the record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom section 336.9-503 (a)(4) applies; and
(4) the record is recorded in the office of the county recorder or registrar of titles in the county where the real property is located.
(d)
Filing before security agreement or attachment.
A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.
History:
2000 c 399 art 1 s 73; 2011 c 31 art 1 s 10,16
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-504 — Indication Of Collateral.

336.9-504
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-504 INDICATION OF COLLATERAL.
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) a description of the collateral pursuant to section 336.9-108; or
(2) an indication that the financing statement covers all assets or all personal property.
History:
2000 c 399 art 1 s 75
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-505 — Filing And Compliance With Other Statutes And Treaties For Consignments, Leases, Other Bailments, And Other Transactions.

336.9-505
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-505 FILING AND COMPLIANCE WITH OTHER STATUTES AND TREATIES FOR CONSIGNMENTS, LEASES, OTHER BAILMENTS, AND OTHER TRANSACTIONS.
(a)
Use of terms other than debtor and secured party.
A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in section 336.9-311(a), using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller," or words of similar import, instead of the terms "secured party" and "debtor."
(b)
Effect of financing statement under subsection (a).
This part applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under section 336.9-311(b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
History:
2000 c 399 art 1 s 76
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-506 — Effect Of Errors Or Omissions.

336.9-506
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-506 EFFECT OF ERRORS OR OMISSIONS.
(a)
Minor errors and omissions.
A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b)
Financing statement seriously misleading.
Except as otherwise provided in subsection (c), a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 336.9-503(a) is seriously misleading.
(c)
Financing statement not seriously misleading.
If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with section 336.9-503(a), the name provided does not make the financing statement seriously misleading.
(d)
Debtor's correct name.
For purposes of section 336.9-508(b), the "debtor's correct name" in subsection (c) means the correct name of the new debtor.
History:
2000 c 399 art 1 s 77
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-507 — Effect Of Certain Events On Effectiveness Of Financing Statement.

336.9-507
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-507 EFFECT OF CERTAIN EVENTS ON EFFECTIVENESS OF FINANCING STATEMENT.
(a)
Disposition.
A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b)
Information becoming seriously misleading.
Except as otherwise provided in subsection (c) and section 336.9-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under section 336.9-506.
(c)
Change in debtor's name.
If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under section 336.9-503 (a) so that the financing statement becomes seriously misleading under section 336.9-506:
(1) the financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
(2) the financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the financing statement became seriously misleading.
History:
2000 c 399 art 1 s 78; 2011 c 31 art 1 s 12,16
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-508 — Effectiveness Of Financing Statement If New Debtor Becomes Bound By Security Agreement.

336.9-508
MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-508 EFFECTIVENESS OF FINANCING STATEMENT IF NEW DEBTOR BECOMES BOUND BY SECURITY AGREEMENT.
(a)
Financing statement naming original debtor.
Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b)
Financing statement becoming seriously misleading.
If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) to be seriously misleading under section 336.9-506:
(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); and
(2) the financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under section 336.9-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c)
When section not applicable.
This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under section 336.9-507(a).
History:
2000 c 399 art 1 s 79
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-509 — Persons Entitled To File A Record.

336.9-509 PERSONS ENTITLED TO FILE A RECORD.
(a)
Person entitled to file record.
A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1) the debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c); or
(2) the person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(b)
Security agreement as authorization.
By authenticating or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1) the collateral described in the security agreement; and
(2) property that becomes collateral under section 336.9-315(a)(2), whether or not the security agreement expressly covers proceeds.
(c)
Acquisition of collateral as authorization.
By acquiring collateral in which a security interest or agricultural lien continues under section 336.9-315(a)(1), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under section 336.9-315(a)(2).
(d)
Person entitled to file certain amendments.
A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1) the secured party of record authorizes the filing; or
(2) the amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by section 336.9-513(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(e)
Multiple secured parties of record.
If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d).
History:
2000 c 399 art 1 s 80; 2001 c 195 art 1 s 12
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-510 — Effectiveness Of Filed Record.

336.9-510 EFFECTIVENESS OF FILED RECORD.
(a)
Filed record effective if authorized.
A filed record is effective only to the extent that it was filed by a person that may file it under section 336.9-509 or by the filing office under section 336.9-5135.
(b)
Authorization by one secured party of record.
A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
(c)
Continuation statement not timely filed.
A continuation statement that is not filed within the six-month period prescribed by section 336.9-515 (d) is ineffective.
History:
2000 c 399 art 1 s 81; 2022 c 96 s 1
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-511 — Secured Party Of Record.

336.9-511 SECURED PARTY OF RECORD.
(a)
Secured party of record.
A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under section 336.9-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(b)
Amendment naming secured party of record.
If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under section 336.9-514(b), the assignee named in the amendment is a secured party of record.
(c)
Amendment deleting secured party of record.
A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
History:
2000 c 399 art 1 s 82
2023 Minnesota Statutes › Chapters 324 - 342 — Trade Regulations, Consumer Protection › Chapter 336 — Uniform Commercial Code › Section 336.9-512 — Amendment Of Financing Statement.

336.9-512 AMENDMENT OF FINANCING STATEMENT.
(a)
Amendment of information in financing statement.
Subject to section 336.9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that:
(1) identifies, by its file number, the initial financing statement to which the amendment relates; and
(2) if the amendment relates to an initial financing statement filed or recorded in a filing office described in section 336.9-501(a)(1), provides the information specified in section 336.9-502(b).
(b)
Period of effectiveness not affected.
Except as otherwise provided in section 336.9-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(c)
Effectiveness of amendment adding collateral.
A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(d)
Effectiveness of amendment adding debtor.
A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(e)
Certain amendments ineffective.
An amendment is ineffective to the extent it:
(1) purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
(2) purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
History:
2000 c 399 art 1 s 83