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336.9-505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

(a) Use of terms other than debtor and secured party. A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in section 336.9-311(a), using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller," or words of similar import, instead of the terms "secured party" and "debtor."

(b) Effect of financing statement under subsection (a). This part applies to the filing of a financing statement under subsection (a) and, as appropriate, to compliance that is equivalent to filing a financing statement under section 336.9-311(b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.

HIST: 2000 c 399 art 1 s 76

* NOTE: This section, as added by Laws 2000, chapter 399, *article 1, section 76, is effective July 1, 2001. Laws 2000, *chapter 399, article 1, section 130.

* NOTE: Minnesota Statutes 1998, section 336.9-505, which *reads as follows, is repealed July 1, 2001. Laws 2000, chapter *399, article 1, section 130.

* "336.9-505 Compulsory disposition of collateral; *acceptance of the collateral as discharge of obligation.

* (1) If the debtor has paid 60 percent of the cash price in *the case of a purchase money security interest in consumer goods *or 60 percent of the loan in the case of another security *interest in consumer goods, and has not signed after default a *statement renouncing or modifying the debtor's rights under this *part a secured party who has taken possession of collateral must *dispose of it under section 336.9-504 and if the secured party *fails to do so within 90 days after taking possession the debtor *either may recover in conversion or under section 336.9-507(1) *on secured party's liability.

* (2) In any other case involving consumer goods or any other *collateral a secured party in possession may, after default, *propose to retain the collateral in satisfaction of the *obligation. Written notice of such proposal shall be sent to *the debtor if the debtor has not signed after default a *statement renouncing or modifying the debtor's rights under this *subsection. In the case of consumer goods no other notice need *be given. In other cases notice shall be sent to any other *secured party from whom the secured party has received (before *sending notice to the debtor or before the debtor's renunciation *of rights) written notice of a claim of an interest in the *collateral. If the secured party receives objection in writing *from a person entitled to receive notification within 21 days *after the notice was sent, the secured party must dispose of the *collateral under section 336.9-504. In the absence of such *written objection the secured party may retain the collateral in *satisfaction of the debtor's obligation."

Official Publication of the State of Minnesota
Revisor of Statutes