Ask Reggi Your Question Now
Can you summarize NHRS 382-A:9-203?
UNIFORM COMMERCIAL CODE > Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the attachment and enforceability of security interests, proceeds, supporting obligations, and formal requisites. It outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, including the requirement of value given, debtor’s rights in the collateral, and specific conditions based on the type of collateral. The document also mentions the attachment of security interests in proceeds, supporting obligations, and various types of accounts. It further clarifies the circumstances under which a person becomes bound by another person’s security agreement and the effect of a new debtor becoming bound. The document does not mention any specific exemptions or penalties for non-compliance. Overall, it provides important guidelines for the attachment and enforceability of security interests in commercial transactions.
Whom does it apply to?
Debtors, secured parties, and third parties involved in security interests
What does it govern?
Attachment and enforceability of security interest, proceeds, supporting obligations, formal requisites
What are exemptions?
Exemptions are not mentioned in the provided document
What are the Penalties?
Penalties for non-compliance or violation are not mentioned in the provided document
Jurisdiction
New Hampshire