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Can you summarize NHRS 382-A:9-321?
UNIFORM COMMERCIAL CODE > Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business.
Short Summary
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the rights and obligations of licensees of general intangibles and lessees of goods in the ordinary course of business. A ’licensee in ordinary course of business’ refers to a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. Similarly, a ’lessee in ordinary course of business’ refers to a person who becomes a lessee of goods in the ordinary course of business. The section outlines the rights of licensees and lessees in ordinary course of business, stating that they take their rights under a nonexclusive license or leasehold interest free of any security interest in the general intangible or goods, even if the security interest is perfected and the licensee or lessee knows of its existence. This section provides clarity and protection for licensees and lessees in ordinary course of business in relation to general intangibles and goods.
Whom does it apply to?
Persons who become licensees of a general intangible in good faith and persons who become lessees of goods in the ordinary course of business
What does it govern?
Licensee of General Intangible and Lessee of Goods in Ordinary Course of Business
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
New Hampshire