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Can you summarize NHRS 382-A:9-323?
UNIFORM COMMERCIAL CODE > Future Advances.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of perfected security interests and the rights of various parties. It applies to secured parties, lien creditors, buyers of receivables, buyers of goods, and lessees of goods. The document establishes rules for determining the priority of a perfected security interest based on the time of advance. It also addresses the subordination of a security interest to the rights of a lien creditor, the rights of buyers of goods and lessees of goods, and the priority of advances made pursuant to commitments. However, the document does not apply to security interests held by buyers of accounts, chattel paper, payment intangibles, promissory notes, or consignors. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, lien creditors, buyers of receivables, buyers of goods, and lessees of goods
What does it govern?
Priority of perfected security interests and the rights of lien creditors, buyers of receivables, buyers of goods, and lessees of goods
What are exemptions?
Security interests held by buyers of accounts, chattel paper, payment intangibles, promissory notes, or consignors
What are the Penalties?
No penalties mentioned.
Jurisdiction
New Hampshire