1997 Minnesota Statutes

     336.9-112 Where collateral is not owned by debtor.  

    Unless otherwise agreed, when a secured party knows that 
 collateral is owned by a person who is not the debtor, the owner 
 of the collateral is entitled to receive from the secured party 
 any surplus under section 336.9-502(2) or under section 
 336.9-504(1), and is not liable for the debt or for any 
 deficiency after resale, and the owner has the same right as the 
 debtor 

    (a) to receive statements under section 336.9-208; 

    (b) to receive notice of and to object to a secured party's 
 proposal to retain the collateral in satisfaction of the 
 indebtedness under section 336.9-505; 

    (c) to redeem the collateral under section 336.9-506; 

    (d) to obtain injunctive or other relief under section 
 336.9-507(1); and 

    (e) to recover losses caused to the owner under section 
 336.9-208(2).  

    HIST: 1965 c 811 s 336.9-112; 1986 c 444