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Legislative Session number- 82

Bill Name: SF1561

(3)E Making corrective and conforming amendments to revised article of the
uniform commercial code on secured transactions ARTICLE 1 CORRECTIVE
AMENDMENTSModifying certain provisions providing for perfection of security
interests for watercraft and motor vehicle titling purposes; establishing the
uniform commercial code account for the crediting of fees charged by the
secretary of state to offset the costs of providing certain services and
appropriating money in the account to the secretary of state to implement and
maintain the central filing system and to provide electronic access to other
computerized records; clarifying the definitions of manufactured home, mortgage
and transmitting utility; clarifying a certain provision providing for the
applicability of other laws to secured transactions; attachment of a security
interest in the mortgage or lien on real property not to create an interest in
real property; modifying a certain provision relating to the subordination of
security interests or agricultural liens to certain other rights; creating an
exception to the priority of perfected security interests in crops for landlord
liens; modifying a certain provision providing for creation, attachment,
perfection and enforcement of security interests in lease contracts; debtors to
authorize the filing of an initial financing statement and an amendment covering
collateral by acquiring collateral with a continuing security interest or
agricultural lien; authorizing the secretary of state to grant private parties
electronic access to the central filing system and to other computerized records
maintained by the secretary on a fee basis, exceptions, authorizing the use of
social security number information for certain purposes, exempting the secretary
of state and county recorders from liability for loss or damages resulting from
errors in or omissions from information entered into or provided by the central
filing system; restricting the enforcement of security interests in agricultural
property collateral, specifying certain mediation notice requirements; modifying
certain provisions providing for collection and enforcement by secured parties
under executory contracts for the sale of real property; removing a certain
exception to the discharge of subordinate security interests after default;
requiring the issuance of a new certificate of title for certain property upon
satisfaction of certain requirements relating to the property and clarifying a
certain transfer statement requirement; creating an exception to the original
signature requirement for certain recorded real estate documents; providing for
the recording of transfer statements for contracts for deed; requiring the
secretary of state to prepare and make available by a certain date a user manual
for direct access subscribers to the central filing system, requiring inclusion
of information on revised article 9; repealing the mediation notice requirement
after a certain date, a certain provision providing for the determination of the
validity of security interests in motor vehicles brought in from other states
and certain rules relating to UCC forms and records ARTICLE 2 CONFORMING
AMENDMENTS TO MINNESOTA STATUTESMaking conforming amendments to certain
statutory provisions relating to the wholesale produce dealers trust, watercraft
and motor vehicle titling, DWI (driving while impaired) vehicle forfeiture
limits and vehicle sale, certain lien filing, perfection, priority or
enforcement requirements, electronic transactions, agricultural debt mediation
proceedings and retention of purchase money security interests; repealing the
uniform commercial code effective date article (ra, ja)