1999 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-112 Where collateral is not owned by debtor.
336.9-112 Where collateral is not owned by debtor.
Unless otherwise agreed, when a secured party knows that collateral is owned by a person who is not the debtor, the owner of the collateral is entitled to receive from the secured party any surplus under section 336.9-502(2) or under section 336.9-504(1), and is not liable for the debt or for any deficiency after resale, and the owner has the same right as the debtor
(a) to receive statements under section 336.9-208;
(b) to receive notice of and to object to a secured party's proposal to retain the collateral in satisfaction of the indebtedness under section 336.9-505;
(c) to redeem the collateral under section 336.9-506;
(d) to obtain injunctive or other relief under section 336.9-507(1); and
(e) to recover losses caused to the owner under section 336.9-208(2).
HIST: 1965 c 811 s 336.9-112; 1986 c 444
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