1998 Minnesota Statutes

     336.9-305 When possession by secured party perfects 
  security interest without filing. 

    A security interest in goods, instruments, money, 
 negotiable documents, or chattel paper may be perfected by the 
 secured party's taking possession of the collateral.  A security 
 interest in the rights to proceeds of a written letter of credit 
 may be perfected only by the secured party's taking possession 
 of the letter of credit.  If such collateral other than goods 
 covered by a negotiable document is held by a bailee, the 
 secured party is deemed to have possession from the time the 
 bailee receives notification of the secured party's interest.  A 
 security interest is perfected by possession from the time 
 possession is taken without relation back and continues only so 
 long as possession is retained, unless otherwise specified in 
 this article.  The security interest may be otherwise perfected 
 as provided in this article before or after the period of 
 possession by the secured party. 

    HIST: 1965 c 811 s 336.9-305; 1976 c 135 s 17; 1978 c 695 s 
 52; 1995 c 194 art 2 s 10; 1997 c 11 art 2 s 8