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Can you summarize NHRS 382-A:12-104?
UNIFORM COMMERCIAL CODE > Rights in Controllable Account, Controllable Electronic Record, and Controllable Payment Intangible.
Short Summary
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the acquisition and purchase of rights in controllable accounts, controllable electronic records, and controllable payment intangibles. It applies to purchasers and qualifying purchasers of these assets. The section establishes that control of the controllable electronic record that evidences the account or payment intangible determines whether a purchaser is a qualifying purchaser. Other laws determine the acquisition of rights in a controllable electronic record, except as provided in this section. A purchaser of a controllable electronic record acquires all rights in the record that the transferor had or had power to transfer, unless the purchaser acquires a limited interest. A qualifying purchaser acquires its rights in the controllable electronic record free of a claim of a property right in the record. However, a qualifying purchaser’s rights in other property evidenced by the controllable electronic record may be subject to a claim of a property right. The section also provides no-action protection for qualifying purchasers and clarifies that filing a financing statement is not notice of a claim of a property right in a controllable electronic record.
Whom does it apply to?
Purchasers and qualifying purchasers of controllable accounts, controllable electronic records, and controllable payment intangibles
What does it govern?
Rights in controllable account, controllable electronic record, and controllable payment intangible
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire