§ 185.05 Fraud involving a security interest.\n A person is guilty of fraud involving a security interest when, having\nexecuted a security agreement creating a security interest in personal\nproperty securing a monetary obligation owed to a secured party, and:\n 1. Having under the security agreement both the right of sale or other\ndisposition of the property and the duty to account to the secured party\nfor the proceeds of disposition, he sells or otherwise disposes of the\nproperty and wrongfully fails to account to the secured party for the\nproceeds of disposition; or\n 2. Having under the security agreement no right of sale or other\ndisposition of the property, he knowingly secretes, withholds or\ndisposes of such property in violation of the security agreement.\n Fraud involving a security interest is a class A misdemeanor.\n
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