336.9-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
(a) Term restricting assignment generally ineffective. Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it:
(1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
(2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
(b) Effectiveness of certain terms. Except as otherwise provided in section 336.2A-303(7), a term described in subsection (a)(2) is effective to the extent that there is:
(1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
(2) a delegation of a material performance of either party to the lease contract in violation of the term.
(c) Security interest not material impairment. The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of section 336.2A-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor. Even in that event, the creation, attachment, perfection, and enforcement of the security interest remain effective.
HIST: 2000 c 399 art 1 s 69
* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 69, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.
* NOTE: Minnesota Statutes 1998, section 336.9-407, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.
* "336.9-407 Information from filing officer.
* (1) If the person filing any financing statement, *termination statement, statement of assignment, or statement of *release, furnishes the filing officer a copy thereof, the filing *officer shall upon request note upon the copy the file number *and date and hour of the filing of the original and deliver or *send the copy to such person.
* (2) Upon request of any person, the filing officer shall *conduct a search of the statewide computerized Uniform *Commercial Code database for any active financing statements *naming a particular debtor. The filing officer shall report the *findings as of the date and hour of the search by issuing:
* (a) a certificate listing the file number, date, and hour *of each filing and the names and addresses of each secured *party;
* (b) photocopies of those original documents on file and *located in the office of the filing officer; or
* (c) upon request, both the certificate and the photocopies *referred to in (b).
* The uniform fee for conducting the search and for preparing *a certificate shall be $15 if the request is in the standard *form prescribed by the secretary of state. This uniform fee *shall include up to ten photocopies of original documents. If *the request for information is made on a form other than the *standard form prescribed by the secretary of state, the fee *shall be $20 and shall include up to ten photocopies of original *documents.
* Another fee, at the same rate, shall also be charged for *conducting a search and preparing a certificate showing federal *and state tax liens on file with the filing officer naming a *particular debtor.
* There shall be an additional fee of $1 per page for a *photocopy of each financing statement or tax lien prepared in *excess of the first ten.
* Notwithstanding the fees set in this section, a natural *person who is the subject of data must, upon the person's *request, be shown the data without charge, and upon request be *provided with photocopies of the data upon payment of no more *than the actual cost of making the copies.
* Notwithstanding section 13.49, a filing officer may include *social security number information in a report of the findings *following a search of the statewide computerized Uniform *Commercial Code database or the state and federal tax liens on *file with the filing officer. A filing officer may also include *social security number information on a photocopy of an original *document on file whether provided in response to a request for *information or in response to a request made pursuant to section *13.03."
Official Publication of the State of Minnesota
Revisor of Statutes