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336.9-502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement.

(a) Sufficiency of financing statement. Subject to subsection (b), a financing statement is sufficient only if it:

(1) provides the name of the debtor;

(2) provides the name of the secured party or a representative of the secured party; and

(3) indicates the collateral covered by the financing statement.

(b) Real property-related financing statements. Except as otherwise provided in section 336.9-501(b), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) and also:

(1) indicate that it covers this type of collateral;

(2) indicate that it is to be filed for record in the real property records;

(3) provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and

(4) if the debtor does not have an interest of record in the real property, provide the name of a record owner.

(c) Record of mortgage as financing statement. A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

(1) the record indicates the goods or accounts that it covers;

(2) the goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

(3) the record satisfies the requirements for a financing statement in this section other than an indication that it is to be filed in the real property records; and

(4) the record is recorded in the office of the county recorder or registrar of titles in the county where the real property is located.

(d) Filing before security agreement or attachment. A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

HIST: 2000 c 399 art 1 s 73

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 73, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1998, section 336.9-502, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.

* "336.9-502 Collection rights of secured party.

* (1) When so agreed and in any event on default the secured *party is entitled to notify an account debtor or the obligor on *an instrument to make payment to the secured party whether or *not the assignor was theretofore making collections on the *collateral, and also to take control of any proceeds to which *the secured party is entitled under section 336.9-306.

* (2) A secured party who by agreement is entitled to charge *back uncollected collateral or otherwise to full or limited *recourse against the debtor and who undertakes to collect from *the account debtors or obligors must proceed in a commercially *reasonable manner and may deduct reasonable expenses of *realization from the collections. If the security agreement *secures an indebtedness, the secured party must account to the *debtor for any surplus, and, unless otherwise agreed, the debtor *is liable for any deficiency. But, if the underlying *transaction was a sale of accounts or chattel paper, the debtor *is entitled to any surplus or is liable for any deficiency only *if the security agreement so provides."

Official Publication of the State of Minnesota
Revisor of Statutes