2025 Session Last amended: 2005 session

§ 336B.02 — Financing Statements of a Public Utility, Taconite Company, and Semitaconite Company

Plain-Language Summary

All UCC financing statements for security interests in the property of public utilities, taconite companies, and semitaconite companies must be filed with the Secretary of State, not the county. For fixtures, no real estate description or owner name is needed. These filings last until 5 years after the maturity date for personal property and 15 years for fixtures.

336B.02 FINANCING STATEMENTS OF A PUBLIC UTILITY, TACONITE COMPANY, AND SEMITACONITE COMPANY.

Subdivision 1.Filing with secretary of state.

Notwithstanding sections 336.9-311, 336.9-501, 336.9-502, 336.9-515, and 336.9-519 of the Uniform Commercial Code, all filings required under the Uniform Commercial Code in order to perfect a security interest against the personal property or fixtures of a debtor public utility, or against the personal property or fixtures of a debtor taconite company or a debtor semitaconite company, must be made and maintained in the office of the secretary of state. §

Subd. 2.Information not required.

When the financing statement covers goods of a debtor public utility or of a debtor taconite company or a debtor semitaconite company, which are or are to become fixtures, no description of the real estate or the name of the record owner is required. §

Subd. 3.Duration.

Filing of a financing statement against the property of a debtor public utility or against the property of a debtor taconite company or a debtor semitaconite company is effective until five years after the maturity date contained in the statement in the case of personal property and until 15 years after the maturity date in the case of fixtures annexed to real property, or if no maturity date is contained in the statement, until released or terminated.

History:

1965 c 813 s 2; 1967 c 323 s 2; 1984 c 628 art 5 s 1; 2001 c 195 art 2 s 19; 2005 c 69 art 1 s 21

History: History: 1965 c 813 s 2; 1967 c 323 s 2; 1984 c 628 art 5 s 1; 2001 c 195 art 2 s 19; 2005 c 69 art 1 s 21

Practical Notes

If you are perfecting a security interest against a utility or mining company’s property, file with the Secretary of State rather than the county recorder. These filings last much longer than standard UCC filings, and if no maturity date is listed, the filing stays effective until released.

Source: Minnesota Office of the Revisor of Statutes