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Can you summarize NHRS 382-A:9-313?
UNIFORM COMMERCIAL CODE > When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, outlines the process of perfecting security interests in various types of collateral. It states that a secured party can perfect a security interest in goods, instruments, negotiable tangible documents, or money by taking possession of the collateral. For certificated securities, perfection is achieved by taking delivery of the securities. The document also specifies the circumstances in which possession of goods covered by a certificate of title is required for perfection. It further explains that if collateral is in the possession of a person other than the debtor, the secured party can take possession by obtaining a signed record acknowledging that the person holds the collateral for the secured party’s benefit. The document clarifies the timing and continuation of perfection by possession or delivery. It also addresses the effectiveness of acknowledgments, the lack of duties or confirmation owed by the person in possession of collateral, and the secured party’s ability to deliver collateral to a third party without relinquishing possession. The document does not mention specific exemptions or penalties for non-compliance.
Whom does it apply to?
Secured parties and debtors involved in commercial transactions.
What does it govern?
Perfection of security interests in goods, instruments, negotiable tangible documents, money, and certificated securities.
What are exemptions?
Exemptions are not mentioned in the provided document.
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not mentioned in the provided document.
Jurisdiction
New Hampshire