1999 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-113 Security interests arising under article on sales or leases.
336.9-113 Security interests arising under article on sales or leases.
A security interest arising solely under the article on sales (article 2) or the article on leases (article 2A) is subject to the provisions of this article except that to the extent that and so long as the debtor does not have or does not lawfully obtain possession of the goods
(a) no security agreement is necessary to make the security interest enforceable; and
(b) no filing is required to perfect the security interest; and
(c) the rights of the secured party on default by the debtor are governed (i) by the article on sales (article 2) in the case of a security interest arising solely under such article or (ii) by the article on leases (article 2A) in the case of a security interest arising solely under such article.
HIST: 1965 c 811 s 336.9-113; 1989 c 232 art 2 s 4
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