2000 Minnesota Statutes

     336.9-311 Perfection of security interests in property 
  subject to certain statutes, regulations, and treaties. 

    (a)    Security interest subject to other law.  Except 
 as otherwise provided in subsection (d), the filing of a 
 financing statement is not necessary or effective to perfect a 
 security interest in property subject to: 

    (1) a statute, regulation, or treaty of the United States 
 whose requirements for a security interest's obtaining priority 
 over the rights of a lien creditor with respect to the property 
 preempt section 336.9-310(a); 

    (2) sections 86B.820 to 86B.920 and 168A.01 to 168A.31; but 
 during any period 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 5) apply to a 
 security interest in the collateral created by the person as a 
 debtor; or sections 300.11 to 300.115; or 

    (3) a certificate-of-title statute of another jurisdiction 
 which provides for a security interest to be indicated on the 
 certificate as a condition or result of the security interest's 
 obtaining priority over the rights of a lien creditor with 
 respect to the property. 

    (b)    Compliance with other law.  Compliance with the 
 requirements of a statute, regulation, or treaty described in 
 subsection (a) for obtaining priority over the rights of a lien 
 creditor is equivalent to the filing of a financing statement 
 under this article.  Except as otherwise provided in subsection 
 (d) and sections 336.9-313 and 336.9-316(d) and (e) for goods 
 covered by a certificate of title, a security interest in 
 property subject to a statute, regulation, or treaty described 
 in subsection (a) may be perfected only by compliance with those 
 requirements, and a security interest so perfected remains 
 perfected notwithstanding a change in the use or transfer of 
 possession of the collateral. 

    (c)    Duration and renewal of perfection.  Except as 
 otherwise provided in subsection (d) and section 336.9-316(d) 
 and (e), duration and renewal of perfection of a security 
 interest perfected by compliance with the requirements 
 prescribed by a statute, regulation, or treaty described in 
 subsection (a) are governed by the statute, regulation, or 
 treaty.  In other respects, the security interest is subject to 
 this article. 

    (d)    Inapplicability to certain inventory.  During any 
 period in which collateral subject to a statute specified in 
 subsection (a)(2) is inventory held for sale or lease by a 
 person or leased by that person as lessor and that person is in 
 the business of selling goods of that kind, this section does 
 not apply to a security interest in that collateral created by 
 that person. 

    HIST: 2000 c 399 art 1 s 31 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 31, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130. 

*   NOTE:  Minnesota Statutes 1998, section 336.9-311, which 
*reads as follows, is repealed July 1, 2001.  Laws 2000, chapter 
*399, article 1, section 130. 

*   "336.9-311 Alienability of debtor's rights:  judicial 
*process.  

*   The debtor's rights in collateral may be voluntarily or 
*involuntarily transferred (by way of sale, creation of a 
*security interest, attachment, levy, garnishment or other 
*judicial process) notwithstanding a provision in the security 
*agreement prohibiting any transfer or making the transfer 
*constitute a default."