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Can you summarize NHRS 382-A:9-301?
UNIFORM COMMERCIAL CODE > Law Governing Perfection and Priority of Security Interests.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the perfection, effect of perfection or nonperfection, and priority of security interests in collateral. It applies to creditors and debtors involved in security interests in collateral. The general rules state that the local law of the jurisdiction where the debtor is located determines perfection, effect of perfection or nonperfection, and priority of a security interest. Similarly, the local law of the jurisdiction where the collateral is located governs the perfection, effect of perfection or nonperfection, and priority of a possessory security interest in that collateral. However, there are exceptions provided in Sections 9-303 through 9-306B. The document also specifies that the local law of the jurisdiction where tangible negotiable documents, goods, instruments, or money is located governs the perfection of a security interest in goods by filing a fixture filing, perfection of a security interest in timber to be cut, and the effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral. Additionally, the local law of the jurisdiction where the wellhead or minehead is located governs perfection, effect of perfection or nonperfection, and priority of a security interest in as-extracted collateral.
Whom does it apply to?
Creditors and debtors involved in security interests in collateral
What does it govern?
Perfection, effect of perfection or nonperfection, and priority of security interests in collateral
What are exemptions?
Sections 9-303 through 9-306B provide exceptions to the general rules
What are the Penalties?
No penalties mentioned in the provided document
Jurisdiction
New Hampshire