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Can you summarize NHRS 382-A:12-107?
UNIFORM COMMERCIAL CODE > Governing Law.
Short Summary
This legal document establishes the governing law for matters covered by this article, specifically related to controllable electronic records, controllable accounts, and controllable payment intangibles. The general rule is that the local law of a controllable electronic record’s jurisdiction governs the matters covered by this article. However, for controllable electronic records that evidence a controllable account or controllable payment intangible, the local law of the controllable electronic record’s jurisdiction governs, unless an effective agreement determines otherwise. The document also outlines rules to determine the jurisdiction of a controllable electronic record. If no specific jurisdiction is provided, the jurisdiction defaults to the District of Columbia. The applicability of Article 12 is also addressed, stating that if it is not in effect in the District of Columbia without material modification, the governing law is the law of the District of Columbia as though Article 12 were in effect. The document clarifies that the local law of the controllable electronic record’s jurisdiction governs, even if the matter or transaction does not bear any relation to that jurisdiction. Lastly, it states that the rights acquired by a purchaser or qualifying purchaser are governed by the law applicable at the time of purchase.
Whom does it apply to?
Entities involved in controllable electronic records and transactions governed by this article
What does it govern?
Matters covered by this article, controllable electronic records, controllable accounts, controllable payment intangibles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire