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Can you summarize NHRS 382-A:9-103?
UNIFORM COMMERCIAL CODE > Purchase-Money Security Interest; Application of Payments; Burden of Establishing.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides definitions and regulations regarding purchase-money security interests, application of payments, and burden of establishing such interests. It defines ‘purchase-money collateral’ as goods or software securing a purchase-money obligation, and ‘purchase-money obligation’ as an obligation incurred as part of the price of the collateral or for enabling the debtor to acquire rights in or use of the collateral. The document outlines that a security interest in goods or software can be considered a purchase-money security interest under certain conditions. It also addresses the application of payments in non-consumer-goods transactions, the status of purchase-money security interests in such transactions, and the burden of proof for claiming a purchase-money security interest. The document does not provide specific penalties or exemptions. Overall, it establishes rules and principles for purchase-money security interests in commercial transactions, leaving the determination of rules in consumer-goods transactions to the court’s discretion.
Whom does it apply to?
Parties involved in transactions related to purchase-money collateral, purchase-money obligations, and security interests in goods and software
What does it govern?
Purchase-Money Security Interest; Application of Payments; Burden of Establishing
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire