336.9-402 Secured party not obligated on contract of 
  debtor or in tort. 

    The existence of a security interest, agricultural lien, or 
 authority given to a debtor to dispose of or use collateral, 
 without more, does not subject a secured party to liability in 
 contract or tort for the debtor's acts or omissions. 

    HIST: 2000 c 399 art 1 s 64 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 64, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130. 

*   NOTE:  Minnesota Statutes 1999 Supplement, section 
*336.9-402, which reads as follows, is repealed July 1, 2001.  
*Laws 2000, chapter 399, article 1, section 130. 

*   "336.9-402 Formal requisites of financing statement; 
*amendments; mortgage as financing statement. 

*   (1) A financing statement is sufficient if it gives the 
*name of the debtor and the secured party, is signed by the 
*debtor, gives an address of the secured party from which 
*information concerning the security interest may be obtained, 
*gives a mailing address of the debtor, gives the social security 
*number of the debtor or, in the case of a debtor doing business 
*other than as an individual, the internal revenue service 
*taxpayer identification number of the debtor, and contains a 
*statement indicating the types or describing the items, of 
*collateral.  A financing statement may be filed before a 
*security agreement is made or a security interest otherwise 
*attaches.  When the financing statement covers timber to be cut 
*or covers minerals or the like (including oil and gas) or 
*accounts subject to subsection (5) of section 336.9-103, or when 
*the financing statement is filed as a fixture filing (section 
*336.9-313) and the collateral is goods which are or are to 
*become fixtures, the statement must also comply with subsection 
*(5).  A copy of the security agreement is sufficient as a 
*financing statement if it contains the above information and is 
*signed by the debtor.  A carbon, photographic or other 
*reproduction of a security agreement or a financing statement is 
*sufficient as a financing statement if the security agreement so 
*provides or if the original has been filed in this state. 

*   (2) A financing statement which otherwise complies with 
*subsection (1) is sufficient when it is signed by the secured 
*party instead of the debtor when it is filed to perfect a 
*security interest in 

*   (a) collateral already subject to a security interest in 
*another jurisdiction when it is brought into this state, or when 
*the debtor's location is changed to this state.  Such a 
*financing statement must state that the collateral was brought 
*into this state or that the debtor's location was changed to 
*this state under such circumstances; or 

*   (b) proceeds under section 336.9-306 if the security 
*interest in the original collateral was perfected.  Such a 
*financing statement must describe the original collateral; or 

*   (c) collateral as to which the filing has lapsed within one 
*year; or 

*   (d) collateral acquired after a change of name, identity or 
*corporate structure of the debtor (subsection (7)); or 

*   (e) a lien filed pursuant to chapter 514; or 

*   (f) collateral which is subject to a filed judgment.  

*   (2a) Except for documents filed under clauses (e) and (f), 
*the reason for the omission of the debtor signature must be 
*stated on the front of the financing statement.  

*   (3) A form substantially as follows is sufficient to comply 
*with subsection (1): 

*   Name of debtor (or assignor) 

*   .............................. 

*   Address 

*   .............................. 

*   Debtor's Social Security Number or I.R.S. Tax I.D. Number 

*   ............................... 

*   Name of secured party (or assignee) 

*   .............................. 

*   Address 

*   .............................. 

*   1.  This financing statement covers the following types (or 
*items) of property: 

*   (Describe) 

*   .............................. 

*   2.  (If applicable) The above goods are to become fixtures 
*on 

*   (Describe real estate).......................... and this 
*financing statement is to be filed for record in the real estate 
*records.  (If the debtor does not have an interest of record) 
*The name of a record owner is ................. 

*   3.  (If products of collateral are claimed) 

*   Products of the collateral are also covered. 

*   Use whichever signature line is applicable. 

*   Signature of debtor (or assignor) 

*   ......................... 

*   Signature of secured party (or assignee) 

*   ......................... 

*   (4) A financing statement may be amended by filing a 
*writing signed by both the debtor and the secured party.  If the 
*sole purpose of the amendment is to change the name or address 
*of the secured party, only the secured party need sign the 
*amendment.  A writing is sufficient if it sets forth the name 
*and address of the debtor and secured party as those items 
*appear on the original financing statement or the most recently 
*filed amendment, the file number and date of filing of the 
*financing statement.  An amendment does not extend the period of 
*effectiveness of a financing statement.  If any amendment adds 
*collateral, it is effective as to the added collateral only from 
*the filing date of the amendment.  In this article, unless the 
*context otherwise requires, the term "financing statement" means 
*the original financing statement and any amendments. 

*   (5) A financing statement covering timber to be cut or 
*covering minerals or the like (including oil and gas) or 
*accounts subject to subsection (5) of section 336.9-103, or a 
*financing statement filed as a fixture filing (section 
*336.9-313) where the debtor is not a transmitting utility, must 
*show that it covers this type of collateral, must recite that it 
*is to be filed for record in the real estate records, and the 
*financing statement must contain a description of the real 
*estate sufficient if it were contained in a mortgage of the real 
*estate to give constructive notice of the mortgage under the law 
*of this state.  If the debtor does not have an interest of 
*record in the real estate, the financing statement must show the 
*name of a record owner.  No description of the real estate or 
*the name of the record owner thereof is required for a fixture 
*filing where the debtor is a transmitting utility. 
*Notwithstanding the foregoing a general description of the real 
*estate is sufficient for a fixture filing where a railroad is 
*the record owner of the real estate on which the fixtures are or 
*are to be located; and for the purposes of this subsection, the 
*requirement of a general description is satisfied if the fixture 
*filing (1) identifies the section, township and range numbers of 
*the county in which the land is located; (2) identifies the 
*quarter-quarter of the section that the land is located in; (3) 
*indicates the name of the record owner of the real estate; and 
*(4) states the street address of the real estate if one exists. 

*   (6) A mortgage is effective as a financing statement filed 
*as a fixture filing from the date of its recording if (a) the 
*goods are described in the mortgage by item or type, (b) the 
*goods are or are to become fixtures related to the real estate 
*described in the mortgage, (c) the mortgage complies with the 
*requirements for a financing statement in this section other 
*than a recital that it is to be filed in the real estate 
*records, and (d) the mortgage is duly recorded.  No fee with 
*reference to the financing statement is required other than the 
*regular recording and satisfaction fees with respect to the 
*mortgage. 

*   (7) A financing statement sufficiently shows the name of 
*the debtor if it gives the individual, partnership or corporate 
*name of the debtor, whether or not it adds other trade names or 
*the names of partners, and gives the social security number of 
*the debtor or, in the case of a debtor doing business other than 
*as an individual, the internal revenue service taxpayer 
*identification number of the debtor.  Where the debtor so 
*changes a personal name or in the case of an organization its 
*name, identity or corporate structure that a filed financing 
*statement becomes seriously misleading, the filing is not 
*effective to perfect a security interest in collateral acquired 
*by the debtor more than four months after the change, unless a 
*new appropriate financing statement is filed before the 
*expiration of that time.  A filed financing statement remains 
*effective with respect to collateral transferred by the debtor 
*even though the secured party knows of or consents to the 
*transfer. 

*   (8) A financing statement, amendment, continuation, 
*assignment, release, or termination substantially complying with 
*the requirements of this section is effective even though it 
*contains minor errors which are not seriously misleading.  The 
*omission or any inaccuracy in stating the debtor's social 
*security or federal tax identification number is not, standing 
*alone, a seriously misleading error."