2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-703 SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.

336.9-703 SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.
(a) Continuing priority over lien creditor: perfection requirements satisfied. A security
interest that is enforceable immediately before Laws 2000, chapter 399, takes effect and would
have priority over the rights of a person that becomes a lien creditor at that time is a perfected
security interest under Laws 2000, chapter 399, if, when Laws 2000, chapter 399, takes effect,
the applicable requirements for enforceability and perfection under Laws 2000, chapter 399,
are satisfied without further action.
(b) Continuing priority over lien creditor: perfection requirements not satisfied. Except
as otherwise provided in section 336.9-705, if, immediately before Laws 2000, chapter 399,
takes effect, a security interest is enforceable and would have priority over the rights of a person
that becomes a lien creditor at that time, but the applicable requirements for enforceability or
perfection under Laws 2000, chapter 399, are not satisfied when Laws 2000, chapter 399, takes
effect, the security interest:
(1) is a perfected security interest for one year after Laws 2000, chapter 399, takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under
section 336.9-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under
Laws 2000, chapter 399, are satisfied before the year expires.
History: 2000 c 399 art 1 s 132