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336.9-302 Law governing perfection and priority of agricultural liens.

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.

HIST: 2000 c 399 art 1 s 22

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 22, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1998, section 336.9-302, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.

* "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."

Official Publication of the State of Minnesota
Revisor of Statutes