2000 Minnesota Statutes

  336.9-501 Filing office. 

    (a)    Filing offices.  Except as otherwise provided in 
 subsection (b), if the local law of this state governs 
 perfection of a security interest or agricultural lien, the 
 office in which to file a financing statement to perfect the 
 security interest or agricultural lien is: 

    (1) the office designated for the filing or recording of a 
 record of a mortgage on the related real property, if: 

    (A) the collateral is as-extracted collateral or timber to 
 be cut; or 

    (B) the financing statement is filed as a fixture filing 
 and the collateral is goods that are or are to become fixtures; 
 or 

    (2) the central filing system operated by the office of the 
 secretary of state, in all other cases, including a case in 
 which the collateral is goods that are or are to become fixtures 
 and the financing statement is not filed as a fixture filing. 

    (b)    Filing office for transmitting utilities.  The 
 office in which to file a financing statement to perfect a 
 security interest in collateral, including fixtures, of a 
 transmitting utility is the central filing system operated by 
 the office of the secretary of state.  The financing statement 
 also constitutes a fixture filing as to the collateral indicated 
 in the financing statement which is or is to become fixtures. 

    HIST: 2000 c 399 art 1 s 72 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 72, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130.

*   NOTE:  Minnesota Statutes 1998, section 336.9-501, which 
*reads as follows, is repealed July 1, 2001.  Laws 1999, chapter 
*214, article 2, section 19 and Laws 2000, chapter 399, article 
*1, section 140. 
*   "336.9-501 Default; procedure when security agreement 
*covers both real and personal property. 
*   (1) When a debtor is in default under a security agreement, 
*a secured party has the rights and remedies provided in this 
*part and except as limited by subsection (3) those provided in 
*the security agreement.  The secured party may reduce a claim to 
*judgment, foreclose, or otherwise enforce the security interest 
*by any available judicial procedure.  If the collateral is 
*documents the secured party may proceed either as to the 
*documents or as to the goods covered thereby.  A secured party 
*in possession has the rights, remedies, and duties provided in 
*section 336.9-207.  The rights and remedies referred to in this 
*subsection are cumulative. 
*   (2) After default, the debtor has the rights and remedies 
*provided in this part, those provided in the security agreement, 
*and those provided in section 336.9-207. 
*   (3) To the extent that they give rights to the debtor and 
*impose duties on the secured party, the rules stated in the 
*subsections referred to below may not be waived or varied except 
*as provided with respect to compulsory disposition of collateral 
*(subsection (3) of section 336.9-504 and section 336.9-505) and 
*with respect to redemption of collateral (section 336.9-506) but 
*the parties may by agreement determine the standards by which 
*the fulfillment of these rights and duties is to be measured if 
*such standards are not manifestly unreasonable: 
*   (a) Subsection (2) of section 336.9-502 and subsection (2) 
*of section 336.9-504 insofar as they require accounting for 
*surplus proceeds of collateral; 
*   (b) Subsection (3) of section 336.9-504 and subsection (1) 
*of section 336.9-505 which deal with disposition of collateral; 
*   (c) Subsection (2) of section 336.9-505 which deals with 
*acceptance of collateral as discharge of obligation; 
*   (d) Section 336.9-506 which deals with redemption of 
*collateral; and 
*   (e) Subsection (1) of section 336.9-507 which deals with 
*the secured party's liability for failure to comply with this 
*part. 
*   (4) If the security agreement covers both real and personal 
*property, the secured party may proceed under this part as to 
*the personal property or may proceed as to both the real and the 
*personal property in accordance with the secured party's rights 
*and remedies in respect of the real property in which case the 
*provisions of this part do not apply. 
*   (5) When a secured party has reduced a claim to judgment 
*the lien of any levy which may be made upon collateral by virtue 
*of any execution based upon the judgment shall relate back to 
*the date of the perfection of the security interest in such 
*collateral.  A judicial sale, pursuant to such execution, is a 
*foreclosure of the security interest by judicial procedure 
*within the meaning of this section, and the secured party may 
*purchase at the sale and thereafter hold the collateral free of 
*any other requirements of this article. 
*   (6) A person may not begin to enforce a security interest 
*in collateral that is agricultural property subject to sections 
*583.20 to 583.32 that has secured a debt of more than $5,000 
*unless:  a mediation notice under subsection (7) is served on 
*the debtor after a condition of default has occurred in the 
*security agreement and a copy served on the director; and the 
*debtor and creditor have completed mediation under sections 
*583.20 to 583.32; or as otherwise allowed under sections 583.20 
*to 583.32. 
*   (7) A mediation notice under subsection (6) must contain 
*the following notice with the blanks properly filled in. 
*   "TO: ....(Name of Debtor).... 
*   YOU HAVE DEFAULTED ON THE ....(Debt in Default).... SECURED 
*BY AGRICULTURAL PROPERTY DESCRIBED AS ....(Reasonable 
*Description of Agricultural Property Collateral).... 
*   AS A SECURED PARTY, ....(Name of Secured Party).... INTENDS 
*TO ENFORCE THE SECURITY AGREEMENT AGAINST THE AGRICULTURAL 
*PROPERTY DESCRIBED ABOVE BY REPOSSESSING, FORECLOSING ON, OR 
*OBTAINING A COURT JUDGMENT AGAINST THE PROPERTY. 
*   YOU HAVE THE RIGHT TO HAVE THE DEBT REVIEWED FOR 
*MEDIATION.  IF YOU REQUEST MEDIATION, A DEBT THAT IS IN DEFAULT 
*WILL BE MEDIATED ONLY ONCE.  IF YOU DO NOT REQUEST MEDIATION, 
*THIS DEBT WILL NOT BE SUBJECT TO FUTURE MEDIATION IF THE SECURED 
*PARTY ENFORCES THE DEBT. 
*   IF YOU PARTICIPATE IN MEDIATION, THE DIRECTOR OF THE 
*AGRICULTURAL EXTENSION SERVICE WILL PROVIDE AN ORIENTATION 
*MEETING AND A FINANCIAL ANALYST TO HELP YOU TO PREPARE FINANCIAL 
*INFORMATION.  IF YOU DECIDE TO PARTICIPATE IN MEDIATION, IT WILL 
*BE TO YOUR ADVANTAGE TO ASSEMBLE YOUR FARM FINANCE AND OPERATION 
*RECORDS AND TO CONTACT A COUNTY EXTENSION OFFICE AS SOON AS 
*POSSIBLE.  MEDIATION WILL ATTEMPT TO ARRIVE AT AN AGREEMENT FOR 
*HANDLING FUTURE FINANCIAL RELATIONS. 
*   TO HAVE THE DEBT REVIEWED FOR MEDIATION YOU MUST FILE A 
*MEDIATION REQUEST WITH THE DIRECTOR WITHIN 14 DAYS AFTER YOU 
*RECEIVE THIS NOTICE.  THE MEDIATION REQUEST FORM IS AVAILABLE AT 
*ANY COUNTY RECORDER'S OR COUNTY EXTENSION OFFICE. 
*   FROM: ....(Name and Address of Secured Party)....""