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Can you summarize NHRS 382-A:9-324?
UNIFORM COMMERCIAL CODE > Priority of Purchase-Money Security Interests.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of purchase-money security interests. It establishes that a perfected purchase-money security interest in goods, other than inventory or livestock, has priority over conflicting security interests in the same goods. The same priority applies to identifiable proceeds of the collateral. For inventory, a perfected purchase-money security interest has priority over conflicting security interests in the same inventory, chattel paper, instruments constituting proceeds of the inventory, and identifiable cash proceeds received before the delivery of the inventory to a buyer. Similar priority rules apply to livestock that are farm products. Additionally, a perfected purchase-money security interest in software has priority over conflicting security interests in the same collateral. In cases where multiple security interests qualify for priority, the document provides rules for determining priority based on the nature of the obligations secured. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in purchase-money security interests
What does it govern?
Priority of Purchase-Money Security Interests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire