2007 Minnesota Statutes

336.9-311 MS 1998 [Repealed, 2000 c 399 art 1 s 140]
336.9-311 PERFECTION OF SECURITY INTERESTS IN PROPERTY SUBJECT TO
CERTAIN STATUTES, REGULATIONS, AND TREATIES.
(a) Security interest subject to other law. Except as otherwise provided in subsection (d),
the filing of a financing statement is not necessary or effective to perfect a security interest in
property subject to:
(1) a statute, regulation, or treaty of the United States whose requirements for a security
interest's obtaining priority over the rights of a lien creditor with respect to the property preempt
section 336.9-310(a);
(2) sections 86B.820 to 86B.920 and 168A.01 to 168A.31; or sections 336B.01 to 336B.03,
507.327, and 507.328; or
(3) a certificate-of-title statute of another jurisdiction which provides for a security interest to
be indicated on the certificate as a condition or result of the security interest's obtaining priority
over the rights of a lien creditor with respect to the property.
(b) Compliance with other law. Compliance with the requirements of a statute, regulation,
or treaty described in subsection (a) for obtaining priority over the rights of a lien creditor is
equivalent to the filing of a financing statement under this article. Except as otherwise provided
in subsection (d) and sections 336.9-313 and 336.9-316(d) and (e) for goods covered by a
certificate of title, a security interest in property subject to a statute, regulation, or treaty described
in subsection (a) may be perfected only by compliance with those requirements, and a security
interest so perfected remains perfected notwithstanding a change in the use or transfer of
possession of the collateral.
(c) Duration and renewal of perfection. Except as otherwise provided in subsection (d) and
section 336.9-316(d) and (e), duration and renewal of perfection of a security interest perfected
by compliance with the requirements prescribed by a statute, regulation, or treaty described in
subsection (a) are governed by the statute, regulation, or treaty. In other respects, the security
interest is subject to this article.
(d) Inapplicability to certain inventory. During any period in which collateral subject to a
statute specified in subsection (a)(2) is inventory held for sale or lease by a person or leased by
that person as lessor and that person is in the business of selling goods of that kind, this section
does not apply to a security interest in that collateral created by that person.
History: 2000 c 399 art 1 s 31; 2001 c 195 art 1 s 8; 2005 c 69 art 1 s 21