1997 Minnesota Statutes

     336.9-302 When filing is required to perfect security 
  interest; security interests to which filing provisions of this 
  article do not apply. 

    (1) A financing statement must be filed to perfect all 
 security interest except the following: 

    (a) A security interest in collateral in possession of the 
 secured party under section 336.9-305; 

    (b) A security interest temporarily perfected in 
 instruments, certificated securities, or documents without 
 delivery under section 336.9-304 or in proceeds for a 20 day 
 period under section 336.9-306; 

    (c) A security interest created by an assignment of a 
 beneficial interest in a trust or a decedent's estate; 

    (d) A purchase money security interest in consumer goods; 
 but filing is required for a motor vehicle required to be 
 registered; and fixture filing is required for priority over 
 conflicting interests in fixtures to the extent provided in 
 section 336.9-313; 

    (e) An assignment of accounts which does not alone or in 
 conjunction with other assignments to the same assignee transfer 
 a significant part of the outstanding accounts of the assignor; 

    (f) A security interest of a collecting bank (section 
 336.4-210) or arising under the article on sales (see section 
 336.9-113) or covered in subsection (3) of this section; 

    (g) An assignment for the benefit of all the creditors of 
 the transferor, and subsequent transfers by the assignee 
 thereunder; 

    (h) A security interest in investment property which is 
 perfected without filing under section 336.9-115 or 336.9-116. 

    (2) If a secured party assigns a perfected security 
 interest, no filing under this article is required in order to 
 continue the perfected status of the security interest against 
 creditors of and transferees from the original debtor. 

    (3) The filing of a financing statement otherwise required 
 by this article is not necessary or effective to perfect a 
 security interest in property subject to the following statutes 
 or treaties; except that to the extent such statutes or treaties 
 are silent on a specific matter, the provisions of this article 
 shall govern: 

    (a) a statute or treaty of the United States which provides 
 for a national or international registration or a national or 
 international certificate of title or which specifies a place of 
 filing different from that specified in this article for filing 
 of the security interest; or 

    (b) the following statutes of this state; 

    (i) Sections 168A.01 to 168A.31 and 86B.820 to 86B.920; but 
 during any period in which collateral is inventory held for sale 
 by a person who is in the business of selling goods of that 
 kind, the filing provisions of this article (part 4) apply to a 
 security interest in that collateral created by the person as a 
 debtor; or 

    (ii) Sections 300.11 to 300.115. 

    (c) a certificate of title statute of another jurisdiction 
 under the law of which indication of a security interest on the 
 certificate is required as a condition of perfection (subsection 
 (2) of section 336.9-103). 

    (4) Compliance with a statute or treaty described in 
 subsection (3) is equivalent to the filing of a financing 
 statement under this article, and a security interest in 
 property subject to the statute or treaty can be perfected only 
 by compliance therewith except as provided in section 336.9-103 
 on multiple state transactions.  A security interest perfected 
 by compliance with such a statute or treaty is governed by this 
 article in all respects not inconsistent with the provisions of 
 the statute or treaty under which it was perfected, provided 
 that this article shall not be deemed inconsistent if it 
 provides for a more extensive duration of effectiveness. 

    HIST: 1965 c 811 s 336.9-302; 1976 c 135 s 15; 1978 c 695 s 
 50; 1983 c 50 s 2; 1986 c 444; 1989 c 335 art 1 s 214; 1990 c 
 391 art 10 s 3; 1992 c 565 s 113; 1995 c 194 art 2 s 8