2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-338 PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN INCORRECT INFORMATION.
336.9-338 PRIORITY OF SECURITY INTEREST OR AGRICULTURAL LIEN
PERFECTED BY FILED FINANCING STATEMENT PROVIDING CERTAIN
INCORRECT INFORMATION.
If a security interest or agricultural lien is perfected by a filed financing statement providing
information described in section
336.9-516(b)(5) which is incorrect at the time the financing
statement is filed:
(1) the security interest or agricultural lien is subordinate to a conflicting perfected security
interest in the collateral to the extent that the holder of the conflicting security interest gives value
in reasonable reliance upon the incorrect information; and
(2) a purchaser, other than a secured party, of the collateral takes free of the security interest
or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the
purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods,
instruments, or a security certificate, receives delivery of the collateral.
History: 2000 c 399 art 1 s 58; 2004 c 162 art 5 s 28
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