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Can you summarize NHRS 382-A:2A-308?
UNIFORM COMMERCIAL CODE > Special Rights of Creditors.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the special rights of creditors in relation to lease contracts and sales contracts. According to the document, a creditor of a lessor may treat a lease contract as void if the lessor’s retention of possession of the goods is fraudulent. However, if the lessor retains possession in good faith and for a commercially reasonable time, it is not considered fraudulent. The document also states that the rights of creditors of a lessor are not impaired if the lease contract is made in satisfaction of a pre-existing claim or under circumstances that would constitute a fraudulent transfer or voidable preference. Additionally, a creditor of a seller may treat a sale or identification of goods as void if the seller’s retention of possession is fraudulent. However, if the buyer purchased the goods for value and in good faith, the retention of possession pursuant to a lease contract is not considered fraudulent. The document does not mention any specific penalties for non-compliance or violations.
Whom does it apply to?
Creditors of lessors and sellers
What does it govern?
Special Rights of Creditors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
New Hampshire