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Can you summarize NHRS 382-A:4-210?
UNIFORM COMMERCIAL CODE > Security Interest of Collecting Bank in Items, Accompanying Documents and Proceeds.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the security interest of a collecting bank in an item, its accompanying documents, or the proceeds. A collecting bank has a security interest in an item and its accompanying documents or proceeds in various scenarios, such as when credit given for the item has been withdrawn or applied, when credit has been given for an item available for withdrawal, or when an advance has been made on the item. The security interest remains on all items and their accompanying documents or proceeds if credit given for several items is withdrawn or applied in part. Receipt of a final settlement for an item by the collecting bank is considered a realization on its security interest. The security interest remains as long as the bank does not receive final settlement, give up possession of the item or accompanying documents for purposes other than collection. No security agreement or filing is required to make the security interest enforceable or perfected. The security interest also takes priority over conflicting perfected security interests in the item, accompanying documents, or proceeds.
Whom does it apply to?
Collecting banks
What does it govern?
Security interest in an item and any accompanying documents or the proceeds
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire