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Can you summarize NHRS 382-A:9-208?
UNIFORM COMMERCIAL CODE > Additional Duties of Secured Party Having Control of Collateral.
Short Summary
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code, outlines the additional duties of a secured party who has control of collateral. It applies to cases where there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value. The section specifies various actions that the secured party must take upon receiving a signed demand from the debtor. These actions include releasing the bank from further obligation to comply with instructions for a deposit account, paying the debtor the balance on deposit or transferring it to a deposit account in the debtor’s name, transferring control of an electronic copy of a record to the debtor, releasing the securities intermediary or commodity intermediary from further obligation to comply with entitlement orders or directions, releasing persons with unfulfilled obligations to pay or deliver proceeds of a letter of credit to the secured party, transferring control of an authoritative copy of an electronic document of title to the debtor, and transferring control of a controllable electronic record to the debtor. The section provides clarity on the responsibilities of a secured party in these specific scenarios.
Whom does it apply to?
Secured parties who have control of collateral
What does it govern?
Additional duties of secured party having control of collateral
What are exemptions?
This section does not apply in cases where there is an outstanding secured obligation or the secured party is committed to make advances, incur obligations, or otherwise give value
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire