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Can you summarize NHRS 382-A:9-204?
UNIFORM COMMERCIAL CODE > After-Acquired Property; Future Advances.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the creation of security interests in after-acquired collateral and future advances in security agreements. It allows a security agreement to include after-acquired collateral, except for consumer goods not acquired within 10 days after the secured party gives value and commercial tort claims. However, there are exceptions to these limitations, such as when the collateral is consumer goods or commercial tort claim proceeds. The document also allows a security agreement to secure future advances or other value, regardless of whether they are given pursuant to commitment. No specific penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in security agreements
What does it govern?
After-acquired property and future advances in security agreements
What are exemptions?
Consumer goods not acquired within 10 days after the secured party gives value, commercial tort claims
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire