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Can you summarize NHRS 382-A:9-304?
UNIFORM COMMERCIAL CODE > Law Governing Perfection and Priority of Security Interests in Deposit Accounts.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), governs the perfection and priority of security interests in deposit accounts. It establishes that the local law of a bank’s jurisdiction determines the perfection, effect, and priority of a security interest in a deposit account maintained with that bank, regardless of whether the transaction is related to the bank’s jurisdiction. The document outlines rules to determine a bank’s jurisdiction, such as agreements between the bank and the debtor or customer, as well as the location of the bank’s office or chief executive office. The document does not mention any exemptions or penalties. Its main purpose is to provide clarity and guidance on the legal aspects surrounding security interests in deposit accounts.
Whom does it apply to?
Parties involved in transactions related to deposit accounts maintained with a bank
What does it govern?
Perfection and priority of security interests in deposit accounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire