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Introduction Security deposits paid by commercial tenants are governed by common law, primarily contract law. In contrast, deposits paid by residential tenants are largely governed by Minn. Stat.

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What is article 9 and form?

Article 9 refers to a section of the Uniform Commercial Code (UCC) that governs secured transactions. The form, often a UCC-1 financing statement, is used to publicly declare a security interest in personal property.

Who is required to file article 9 and form?

Lenders or secured parties who have a security interest in personal property are typically required to file Article 9 forms to establish and perfect their security interest.

How to fill out article 9 and form?

To fill out the form, you must provide information about the debtor, the secured party, and a description of the collateral. Each jurisdiction may have specific requirements, so it is important to refer to the local UCC guidelines.

What is the purpose of article 9 and form?

The purpose of Article 9 and its associated form is to facilitate secured transactions by allowing creditors to perfect their security interests in collateral, thereby protecting their rights in case of debtor default.

What information must be reported on article 9 and form?

The form must report the names and addresses of the debtor and secured party, the type of collateral, and a description of the collateral. Additional information may be required based on individual state laws.