2007 Minnesota Statutes

336.9-304 MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-304 LAW GOVERNING PERFECTION AND PRIORITY OF SECURITY
INTERESTS IN DEPOSIT ACCOUNTS.
(a) Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs
perfection, the effect of perfection or nonperfection, and the priority of a security interest in a
deposit account maintained with that bank.
(b) Bank's jurisdiction. The following rules determine a bank's jurisdiction for purposes of
this part:
(1) If an agreement between the bank and the debtor governing the deposit account expressly
provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this
article, or this chapter, that jurisdiction is the bank's jurisdiction.
(2) If paragraph (1) does not apply and an agreement between the bank and its customer
governing the deposit account expressly provides that the agreement is governed by the law of a
particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank
and its customer governing the deposit account expressly provides that the deposit account is
maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in
which the office identified in an account statement as the office serving the customer's account
is located.
(5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in
which the chief executive office of the bank is located.
History: 2000 c 399 art 1 s 24