1997 Minnesota Statutes

     336.9-402 Formal requisites of financing statement; 
  amendments; mortgage as financing statement. 

    (1) A financing statement is sufficient if it gives the 
 name of the debtor and the secured party, is signed by the 
 debtor, gives an address of the secured party from which 
 information concerning the security interest may be obtained, 
 gives a mailing address of the debtor, gives the social security 
 number of the debtor or, in the case of a debtor doing business 
 other than as an individual, the internal revenue service 
 taxpayer identification number of the debtor, and contains a 
 statement indicating the types or describing the items, of 
 collateral.  A financing statement may be filed before a 
 security agreement is made or a security interest otherwise 
 attaches.  When the financing statement covers crops growing or 
 to be grown, the statement must also contain a description of 
 the real estate concerned and the name of the record owner 
 thereof and the crop years that are covered by the financing 
 statement.  When the financing statement covers timber to be cut 
 or covers minerals or the like (including oil and gas) or 
 accounts subject to subsection (5) of section 336.9-103, or when 
 the financing statement is filed as a fixture filing (section 
 336.9-313) and the collateral is goods which are or are to 
 become fixtures, the statement must also comply with subsection 
 (5).  A copy of the security agreement is sufficient as a 
 financing statement if it contains the above information and is 
 signed by the debtor.  A carbon, photographic or other 
 reproduction of a security agreement or a financing statement is 
 sufficient as a financing statement if the security agreement so 
 provides or if the original has been filed in this state. 

    (2) A financing statement which otherwise complies with 
 subsection (1) is sufficient when it is signed by the secured 
 party instead of the debtor when it is filed to perfect a 
 security interest in 

    (a) collateral already subject to a security interest in 
 another jurisdiction when it is brought into this state, or when 
 the debtor's location is changed to this state.  Such a 
 financing statement must state that the collateral was brought 
 into this state or that the debtor's location was changed to 
 this state under such circumstances; or 

    (b) proceeds under section 336.9-306 if the security 
 interest in the original collateral was perfected.  Such a 
 financing statement must describe the original collateral; or 

    (c) collateral as to which the filing has lapsed within one 
 year; or 

    (d) collateral acquired after a change of name, identity or 
 corporate structure of the debtor (subsection (7)); or 

    (e) a lien filed pursuant to chapter 514; or 

    (f) collateral which is subject to a filed judgment.  

    (2a) Except for documents filed under clauses (e) and (f), 
 the reason for the omission of the debtor signature must be 
 stated on the front of the financing statement.  

    (3) A form substantially as follows is sufficient to comply 
 with subsection (1): 

    Name of debtor (or assignor) 

    .............................. 

    Address 

    .............................. 

    Debtor's Social Security Number or I.R.S. Tax I.D. Number 

    ............................... 

    Name of secured party (or assignee) 

    .............................. 

    Address 

    .............................. 

    1.  This financing statement covers the following types (or 
 items) of property: 

    (Describe) 

    .............................. 

    2.  (If collateral is crops) The above described crops are 
 growing or are to be grown on: 

    (Describe real estate and the name of the record owner 
 thereof) ...... 

    ....................................................... ....

    3.  (If applicable) The above goods are to become fixtures 
 on 

    (Describe real estate).......................... and this 
 financing statement is to be filed for record in the real estate 
 records.  (If the debtor does not have an interest of record) 
 The name of a record owner is ................. 

    4.  (If products of collateral are claimed) 

    Products of the collateral are also covered. 

    Use whichever signature line is applicable. 

    Signature of debtor (or assignor) 

    ......................... 

    Signature of secured party (or assignee) 

    ......................... 

    (4) A financing statement may be amended by filing a 
 writing signed by both the debtor and the secured party.  If the 
 sole purpose of the amendment is to change the name or address 
 of the secured party, only the secured party need sign the 
 amendment.  A writing is sufficient if it sets forth the name 
 and address of the debtor and secured party as those items 
 appear on the original financing statement or the most recently 
 filed amendment, the file number and date of filing of the 
 financing statement.  An amendment does not extend the period of 
 effectiveness of a financing statement.  If any amendment adds 
 collateral, it is effective as to the added collateral only from 
 the filing date of the amendment.  In this article, unless the 
 context otherwise requires, the term "financing statement" means 
 the original financing statement and any amendments. 

    (5) A financing statement covering timber to be cut or 
 covering minerals or the like (including oil and gas) or 
 accounts subject to subsection (5) of section 336.9-103, or a 
 financing statement filed as a fixture filing (section 
 336.9-313) where the debtor is not a transmitting utility, must 
 show that it covers this type of collateral, must recite that it 
 is to be filed for record in the real estate records, and the 
 financing statement must contain a description of the real 
 estate sufficient if it were contained in a mortgage of the real 
 estate to give constructive notice of the mortgage under the law 
 of this state.  If the debtor does not have an interest of 
 record in the real estate, the financing statement must show the 
 name of a record owner.  No description of the real estate or 
 the name of the record owner thereof is required for a fixture 
 filing where the debtor is a transmitting utility. 
 Notwithstanding the foregoing a general description of the real 
 estate is sufficient for a fixture filing where a railroad is 
 the record owner of the real estate on which the fixtures are or 
 are to be located; and for the purposes of this subsection, the 
 requirement of a general description is satisfied if the fixture 
 filing (1) identifies the section, township and range numbers of 
 the county in which the land is located; (2) identifies the 
 quarter-quarter of the section that the land is located in; (3) 
 indicates the name of the record owner of the real estate; and 
 (4) states the street address of the real estate if one exists. 

    (6) A mortgage is effective as a financing statement filed 
 as a fixture filing from the date of its recording if (a) the 
 goods are described in the mortgage by item or type, (b) the 
 goods are or are to become fixtures related to the real estate 
 described in the mortgage, (c) the mortgage complies with the 
 requirements for a financing statement in this section other 
 than a recital that it is to be filed in the real estate 
 records, and (d) the mortgage is duly recorded.  No fee with 
 reference to the financing statement is required other than the 
 regular recording and satisfaction fees with respect to the 
 mortgage. 

    (7) A financing statement sufficiently shows the name of 
 the debtor if it gives the individual, partnership or corporate 
 name of the debtor, whether or not it adds other trade names or 
 the names of partners, and gives the social security number of 
 the debtor or, in the case of a debtor doing business other than 
 as an individual, the internal revenue service taxpayer 
 identification number of the debtor.  Where the debtor so 
 changes a personal name or in the case of an organization its 
 name, identity or corporate structure that a filed financing 
 statement becomes seriously misleading, the filing is not 
 effective to perfect a security interest in collateral acquired 
 by the debtor more than four months after the change, unless a 
 new appropriate financing statement is filed before the 
 expiration of that time.  A filed financing statement remains 
 effective with respect to collateral transferred by the debtor 
 even though the secured party knows of or consents to the 
 transfer. 

    (8) A financing statement, amendment, continuation, 
 assignment, release, or termination substantially complying with 
 the requirements of this section is effective even though it 
 contains minor errors which are not seriously misleading.  The 
 omission or any inaccuracy in stating the debtor's social 
 security or federal tax identification number is not, standing 
 alone, a seriously misleading error. 

    HIST: 1965 c 811 s 336.9-402; 1976 c 135 s 25; 1984 c 618 s 
 47; 1985 c 233 s 8; 1985 c 306 s 24; 1Sp1985 c 18 s 4; 1986 c 
 444; 1992 c 587 art 1 s 29