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Can you summarize NHRS 382-A:9-326?
UNIFORM COMMERCIAL CODE > Priority of Security Interests Created by New Debtor.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code (Chapter 382-A), addresses the priority of security interests created by new debtors. It states that a security interest created by a new debtor in collateral, which is perfected solely by a filed financing statement that would be ineffective to perfect the security interest except for the application of Section 9-316(i)(1) or 9-508, is subordinate to a security interest in the same collateral that is perfected through means other than a filed financing statement. The priority among conflicting security interests in the same collateral, perfected by filed financing statements as described in subsection (a), is determined by the other provisions of this part. However, if the security agreements to which a new debtor became bound were not entered into by the same original debtor, the conflicting security interests rank according to the time of the new debtor’s becoming bound. This provision does not mention any specific exemptions or penalties.
Whom does it apply to?
Creditors and debtors involved in creating security interests in collateral
What does it govern?
Priority of security interests created by new debtors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire