1999 Minnesota Statutes

     336.9-105 Definitions and index of definitions. 

    (1) In this article unless the context otherwise requires: 

    (a) "Account debtor" means the person who is obligated on 
 an account, chattel paper or general intangible; 

    (b) "Chattel paper" means a writing or writings which 
 evidence both a monetary obligation and a security interest in 
 or a lease of specific goods, but a charter or other contract 
 involving the use or hire of a vessel is not chattel paper.  
 When a transaction is evidenced both by such a security 
 agreement or a lease and by an instrument or a series of 
 instruments, the group of writings taken together constitutes 
 chattel paper; 

    (c) "Collateral" means the property subject to a security 
 interest, and includes accounts and chattel paper which have 
 been sold; 

    (d) "Debtor" means the person who owes payment or other 
 performance of the obligation secured, whether or not the person 
 owns or has rights in the collateral, and includes the seller of 
 accounts or chattel paper.  Where the debtor and the owner of 
 the collateral are not the same person, the term "debtor" means 
 the owner of the collateral in any provision of the article 
 dealing with the collateral, the obligor in any provision 
 dealing with the obligation, and may include both where the 
 context so requires; 

    (e) "Deposit account" means a demand, time, savings, 
 passbook or like account maintained with a bank, savings 
 association, credit union or like organization, other than an 
 account evidenced by a certificate of deposit; 

    (f) "Document" means document of title as defined in the 
 general definitions of article 1 (section 336.1-201) and a 
 receipt of the kind described in subsection (2) of section 
 336.7-201; 

    (g) "Encumbrance" includes real estate mortgages and other 
 liens on real estate and all other rights in real estate that 
 are not ownership interests; 

    (h) "Goods" includes all things which are movable at the 
 time the security interest attaches or which are fixtures 
 (section 336.9-313), but does not include money, documents, 
 instruments, investment property, accounts, chattel paper, 
 general intangibles, or minerals or the like (including oil and 
 gas) before extraction.  "Goods" also include standing timber 
 which is to be cut and removed under a conveyance or contract 
 for sale, the unborn young of animals and growing crops; 

    (i) "Instrument" means a negotiable instrument (defined in 
 section 336.3-104) or any other writing which evidences a right 
 to the payment of money and is not itself a security agreement 
 or lease and is of a type which is in ordinary course of 
 business transferred by delivery with any necessary endorsement 
 or assignment.  The term does not include investment property; 

    (j) "Mortgage" means a consensual interest created by a 
 real estate mortgage, a trust deed on real estate, or the like; 

    (k) An advance is made "pursuant to commitment" if the 
 secured party has made a binding promise to make it, whether or 
 not a subsequent event of default or other event not within the 
 secured party's control has relieved or may relieve the secured 
 party from the obligation; 

    (l) "Security agreement" means an agreement which creates 
 or provides for a security interest; 

    (m) "Secured party" means a lender, seller or other person 
 in whose favor there is a security interest, including a person 
 to whom accounts or chattel paper have been sold.  When the 
 holders of obligations issued under an indenture of trust, 
 equipment trust agreement or the like are represented by a 
 trustee or other person, the representative is the secured 
 party; and 

    (n) "Transmitting utility" means any person engaged in the 
 railroad, street railway or trolley bus business, the electric 
 or electronics communications transmission business, the 
 transmission of goods by pipeline, or the transmission or the 
 production and transmission of electricity, steam, gas or water, 
 or the provision of sewer service.  Any person filing a 
 financing statement under this article and under authority of 
 the provisions of Minnesota Statutes 1974, Sections 300.111 to 
 300.115 shall be deemed a "transmitting utility" hereunder. 

    (2) Other definitions applying to this article and the 
 sections in which they appear are: 

    "Account," section 336.9-106. 

    "Attach," section 336.9-203. 

    "Commodity contract," section 336.9-115. 

    "Commodity customer," section 336.9-115. 

    "Commodity intermediary," section 336.9-115. 

    "Construction mortgage," section 336.9-313(1). 

    "Consumer goods," section 336.9-109(1). 

    "Control," section 336.9-115. 

    "Equipment," section 336.9-109(2). 

    "Farm products," section 336.9-109(3). 

    "Fixture," section 336.9-313. 

    "Fixture filing," section 336.9-313. 

    "General intangibles," section 336.9-106. 

    "Inventory," section 336.9-109(4). 

    "Investment property," section 336.9-115. 

    "Lien creditor," section 336.9-301(3). 

    "Motor vehicle," section 336.9-401(7). 

    "Proceeds," section 336.9-306(1). 

    "Purchase money security interest," section 336.9-107. 

    "United States," section 336.9-103. 

    (3) The following definitions in other articles apply to 
 this article: 

    "Broker," section 336.8-102. 

    "Certificated security," section 336.8-102. 

    "Check," section 336.3-104. 

    "Clearing corporation," section 336.8-102. 

    "Contract for sale," section 336.2-106. 

    "Control," section 336.8-106. 

    "Delivery," section 336.8-301. 

    "Entitlement holder," section 336.8-102. 

    "Financial asset," section 336.8-102. 

    "Holder in due course," section 336.3-302. 

    "Letter of credit," section 336.5-102. 

    "Note," section 336.3-104. 

    "Proceeds of a letter of credit," section 336.5-114(a). 

    "Sale," section 336.2-106. 

    "Securities intermediary," section 336.8-102. 

    "Security," section 336.8-102. 

    "Security certificate," section 336.8-102. 

    "Security entitlement," section 336.8-102. 

    "Uncertificated security," section 336.8-102. 

    (4) In addition article 1 contains general definitions and 
 principles of construction and interpretation applicable 
 throughout this article. 

    HIST: 1965 c 811 s 336.9-105; 1969 c 621 s 7; 1976 c 135 s 8; 
 1977 c 347 s 47,48; 1978 c 695 s 48; 1986 c 444; 1990 c 426 art 
 1 s 40; 1995 c 194 art 2 s 2; 1995 c 202 art 1 s 25; 1997 c 11 
 art 2 s 5