2000 Minnesota Statutes

     336.9-308 When security interest or agricultural lien is 
  perfected; continuity of perfection. 

    (a)    Perfection of security interest.  Except as 
 otherwise provided in this section and section 336.9-309, a 
 security interest is perfected if it has attached and all of the 
 applicable requirements for perfection in sections 336.9-310 
 through 336.9-316 have been satisfied.  A security interest is 
 perfected when it attaches if the applicable requirements are 
 satisfied before the security interest attaches. 

    (b)    Perfection of agricultural lien.  An agricultural 
 lien is perfected if it has become effective and all of the 
 applicable requirements for perfection in section 336.9-310 have 
 been satisfied.  An agricultural lien is perfected when it 
 becomes effective if the applicable requirements are satisfied 
 before the agricultural lien becomes effective. 

    (c)    Continuous perfection; perfection by different 
 methods.  A security interest or agricultural lien is 
 perfected continuously if it is originally perfected by one 
 method under this article and is later perfected by another 
 method under this article, without an intermediate period when 
 it was unperfected. 

    (d)    Supporting obligation.  Perfection of a security 
 interest in collateral also perfects a security interest in a 
 supporting obligation for the collateral. 

    (e)    Lien securing right to payment.  Perfection of a 
 security interest in a right to payment or performance also 
 perfects a security interest in a security interest, mortgage, 
 or other lien on personal or real property securing the right. 

    (f)    Security entitlement carried in securities account. 
  Perfection of a security interest in a securities account 
 also perfects a security interest in the security entitlements 
 carried in the securities account. 

    (g)    Commodity contract carried in commodity account.  
 Perfection of a security interest in a commodity account also 
 perfects a security interest in the commodity contracts carried 
 in the commodity account. 

    HIST: 2000 c 399 art 1 s 28 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 28, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130. 

*   NOTE:  Minnesota Statutes 1998, section 336.9-308, which 
*reads as follows, is repealed July 1, 2001.  Laws 2000, chapter 
*399, article 1, section 130. 

*   "336.9-308 Purchase of chattel paper and instruments. 

*   A purchaser of chattel paper or an instrument who gives new 
*value and takes possession of it in the ordinary course of 
*business has priority over a security interest in the chattel 
*paper or instrument 

*   (a) which is perfected under section 336.9-304 (permissive 
*filing and temporary perfection) or under section 336.9-306 
*(perfection as to proceeds) if acting without knowledge that the 
*specific paper or instrument is subject to a security interest; 
*or 

*   (b) which is claimed merely as proceeds of inventory 
*subject to a security interest (section 336.9-306) even though 
*the purchaser knows that the specific paper or instrument is 
*subject to the security interest."