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Can you summarize NHRS 382-A:9-330?
UNIFORM COMMERCIAL CODE > Priority of Purchaser of Chattel Paper or Instrument.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory subject to a security interest. The purchaser must provide new value, take possession of authoritative tangible and electronic copies of the record evidencing the chattel paper, and obtain control of the electronic copies. Additionally, the authoritative copies of the record should not indicate assignment to another party. The provision also covers the priority of purchasers of chattel paper over other security interests, as long as the purchaser gives new value, takes possession of authoritative copies, and obtains control in good faith and without knowledge of violating the rights of the secured party. Furthermore, it addresses the priority of purchasers in the proceeds of chattel paper and instruments, as well as the priority of purchasers of instruments over security interests perfected by methods other than possession. The provision also recognizes that a holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory. Lastly, it states that if the authoritative copies of the record indicate assignment to another secured party, a purchaser of the chattel paper or instrument is considered to have knowledge that the purchase violates the rights of the secured party.
Whom does it apply to?
Purchasers of chattel paper and instruments
What does it govern?
Priority of Purchaser of Chattel Paper or Instrument
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire