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336.9-402 Secured party not obligated on contract of debtor or in tort.

The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.

HIST: 2000 c 399 art 1 s 64

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 64, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1999 Supplement, section *336.9-402, which reads as follows, is repealed July 1, 2001. *Laws 2000, chapter 399, article 1, section 130.

* "336.9-402 Formal requisites of financing statement; *amendments; mortgage as financing statement.

* (1) A financing statement is sufficient if it gives the *name of the debtor and the secured party, is signed by the *debtor, gives an address of the secured party from which *information concerning the security interest may be obtained, *gives a mailing address of the debtor, gives the social security *number of the debtor or, in the case of a debtor doing business *other than as an individual, the internal revenue service *taxpayer identification number of the debtor, and contains a *statement indicating the types or describing the items, of *collateral. A financing statement may be filed before a *security agreement is made or a security interest otherwise *attaches. When the financing statement covers timber to be cut *or covers minerals or the like (including oil and gas) or *accounts subject to subsection (5) of section 336.9-103, or when *the financing statement is filed as a fixture filing (section *336.9-313) and the collateral is goods which are or are to *become fixtures, the statement must also comply with subsection *(5). A copy of the security agreement is sufficient as a *financing statement if it contains the above information and is *signed by the debtor. A carbon, photographic or other *reproduction of a security agreement or a financing statement is *sufficient as a financing statement if the security agreement so *provides or if the original has been filed in this state.

* (2) A financing statement which otherwise complies with *subsection (1) is sufficient when it is signed by the secured *party instead of the debtor when it is filed to perfect a *security interest in

* (a) collateral already subject to a security interest in *another jurisdiction when it is brought into this state, or when *the debtor's location is changed to this state. Such a *financing statement must state that the collateral was brought *into this state or that the debtor's location was changed to *this state under such circumstances; or

* (b) proceeds under section 336.9-306 if the security *interest in the original collateral was perfected. Such a *financing statement must describe the original collateral; or

* (c) collateral as to which the filing has lapsed within one *year; or

* (d) collateral acquired after a change of name, identity or *corporate structure of the debtor (subsection (7)); or

* (e) a lien filed pursuant to chapter 514; or

* (f) collateral which is subject to a filed judgment.

* (2a) Except for documents filed under clauses (e) and (f), *the reason for the omission of the debtor signature must be *stated on the front of the financing statement.

* (3) A form substantially as follows is sufficient to comply *with subsection (1):

* Name of debtor (or assignor)

* ..............................

* Address

* ..............................

* Debtor's Social Security Number or I.R.S. Tax I.D. Number

* ...............................

* Name of secured party (or assignee)

* ..............................

* Address

* ..............................

* 1. This financing statement covers the following types (or *items) of property:

* (Describe)

* ..............................

* 2. (If applicable) The above goods are to become fixtures *on

* (Describe real estate).......................... and this *financing statement is to be filed for record in the real estate *records. (If the debtor does not have an interest of record) *The name of a record owner is .................

* 3. (If products of collateral are claimed)

* Products of the collateral are also covered.

* Use whichever signature line is applicable.

* Signature of debtor (or assignor)

* .........................

* Signature of secured party (or assignee)

* .........................

* (4) A financing statement may be amended by filing a *writing signed by both the debtor and the secured party. If the *sole purpose of the amendment is to change the name or address *of the secured party, only the secured party need sign the *amendment. A writing is sufficient if it sets forth the name *and address of the debtor and secured party as those items *appear on the original financing statement or the most recently *filed amendment, the file number and date of filing of the *financing statement. An amendment does not extend the period of *effectiveness of a financing statement. If any amendment adds *collateral, it is effective as to the added collateral only from *the filing date of the amendment. In this article, unless the *context otherwise requires, the term "financing statement" means *the original financing statement and any amendments.

* (5) A financing statement covering timber to be cut or *covering minerals or the like (including oil and gas) or *accounts subject to subsection (5) of section 336.9-103, or a *financing statement filed as a fixture filing (section *336.9-313) where the debtor is not a transmitting utility, must *show that it covers this type of collateral, must recite that it *is to be filed for record in the real estate records, and the *financing statement must contain a description of the real *estate sufficient if it were contained in a mortgage of the real *estate to give constructive notice of the mortgage under the law *of this state. If the debtor does not have an interest of *record in the real estate, the financing statement must show the *name of a record owner. No description of the real estate or *the name of the record owner thereof is required for a fixture *filing where the debtor is a transmitting utility. *Notwithstanding the foregoing a general description of the real *estate is sufficient for a fixture filing where a railroad is *the record owner of the real estate on which the fixtures are or *are to be located; and for the purposes of this subsection, the *requirement of a general description is satisfied if the fixture *filing (1) identifies the section, township and range numbers of *the county in which the land is located; (2) identifies the *quarter-quarter of the section that the land is located in; (3) *indicates the name of the record owner of the real estate; and *(4) states the street address of the real estate if one exists.

* (6) A mortgage is effective as a financing statement filed *as a fixture filing from the date of its recording if (a) the *goods are described in the mortgage by item or type, (b) the *goods are or are to become fixtures related to the real estate *described in the mortgage, (c) the mortgage complies with the *requirements for a financing statement in this section other *than a recital that it is to be filed in the real estate *records, and (d) the mortgage is duly recorded. No fee with *reference to the financing statement is required other than the *regular recording and satisfaction fees with respect to the *mortgage.

* (7) A financing statement sufficiently shows the name of *the debtor if it gives the individual, partnership or corporate *name of the debtor, whether or not it adds other trade names or *the names of partners, and gives the social security number of *the debtor or, in the case of a debtor doing business other than *as an individual, the internal revenue service taxpayer *identification number of the debtor. Where the debtor so *changes a personal name or in the case of an organization its *name, identity or corporate structure that a filed financing *statement becomes seriously misleading, the filing is not *effective to perfect a security interest in collateral acquired *by the debtor more than four months after the change, unless a *new appropriate financing statement is filed before the *expiration of that time. A filed financing statement remains *effective with respect to collateral transferred by the debtor *even though the secured party knows of or consents to the *transfer.

* (8) A financing statement, amendment, continuation, *assignment, release, or termination substantially complying with *the requirements of this section is effective even though it *contains minor errors which are not seriously misleading. The *omission or any inaccuracy in stating the debtor's social *security or federal tax identification number is not, standing *alone, a seriously misleading error."

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Revisor of Statutes