2000 Minnesota Statutes

     336.9-506 Effect of errors or omissions. 

    (a)    Minor errors and omissions.  A financing 
 statement substantially satisfying the requirements of this part 
 is effective, even if it has minor errors or omissions, unless 
 the errors or omissions make the financing statement seriously 
 misleading. 

    (b)    Financing statement seriously misleading.  Except 
 as otherwise provided in subsection (c), a financing statement 
 that fails sufficiently to provide the name of the debtor in 
 accordance with section 336.9-503(a) is seriously misleading. 

    (c)    Financing statement not seriously misleading.  If 
 a search of the records of the filing office under the debtor's 
 correct name, using the filing office's standard search logic, 
 if any, would disclose a financing statement that fails 
 sufficiently to provide the name of the debtor in accordance 
 with section 336.9-503(a), the name provided does not make the 
 financing statement seriously misleading. 

    (d)    Debtor's correct name.  For purposes of section 
 336.9-508(b), the "debtor's correct name" in subsection (c) 
 means the correct name of the new debtor. 

    HIST: 2000 c 399 art 1 s 77 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 77, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130. 

*   NOTE:  Minnesota Statutes 1998, section 336.9-506, which 
*reads as follows, is repealed July 1, 2001.  Laws 2000, chapter 
*399, article 1, section 130. 

*   "336.9-506 Debtor's right to redeem collateral.  

*   At any time before the secured party has disposed of 
*collateral or entered into a contract for its disposition under 
*section 336.9-504 or before the obligation has been discharged 
*under section 336.9-505(2) the debtor or any other secured party 
*may unless otherwise agreed in writing after default redeem the 
*collateral by tendering fulfillment of all obligations secured 
*by the collateral as well as the expenses reasonably incurred by 
*the secured party in retaking, holding and preparing the 
*collateral for disposition, in arranging for the sale, and, to 
*the extent provided in the agreement and not prohibited by law, 
*reasonable attorneys' fees and legal expenses."