1999 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-308 Purchase of chattel paper and instruments.
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.
HIST: 1965 c 811 s 336.9-308; 1976 c 135 s 20; 1986 c 444
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