2006 Minnesota Statutes

336.9-321 LICENSEE OF GENERAL INTANGIBLE AND LESSEE OF GOODS IN
ORDINARY COURSE OF BUSINESS.
(a) Licensee in ordinary course of business. In this section, "licensee in ordinary course of
business" means a person that becomes a licensee of a general intangible in good faith, without
knowledge that the license violates the rights of another person in the general intangible, and in
the ordinary course from a person in the business of licensing general intangibles of that kind. A
person becomes a licensee in the ordinary course if the license to the person comports with the
usual or customary practices in the kind of business in which the licensor is engaged or with the
licensor's own usual or customary practices.
(b) Rights of licensee in ordinary course of business. A licensee in ordinary course of
business takes its rights under a nonexclusive license free of a security interest in the general
intangible created by the licensor, even if the security interest is perfected and the licensee knows
of its existence.
(c) Rights of lessee in ordinary course of business. A lessee in ordinary course of business
takes its leasehold interest free of a security interest in the goods created by the lessor, even if the
security interest is perfected and the lessee knows of its existence.
History: 2000 c 399 art 1 s 41