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Can you summarize NHRS 382-A:9-331?
UNIFORM COMMERCIAL CODE > Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements Under Article 8.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the priority of rights of purchasers of various assets and the priority of interests in financial assets and security entitlements. It states that the rights of holders in due course of a negotiable instrument, holders to which a negotiable document of title has been duly negotiated, protected purchasers of a security, and qualifying purchasers of a controllable account, controllable electronic record, or controllable payment intangible take priority over earlier security interests, even if perfected, as provided in Articles 3, 7, 8, and 12. The document also clarifies that it does not limit the rights or impose liability on a person protected against the assertion of a claim under Articles 8 and 12. Additionally, it specifies that filing under this article does not constitute notice of a claim or defense to the holders, purchasers, or persons described in subsections (a) and (b).
Whom does it apply to?
Holders in due course of a negotiable instrument, holders to which a negotiable document of title has been duly negotiated, protected purchasers of a security, qualifying purchasers of a controllable account, controllable electronic record, or controllable payment intangible.
What does it govern?
Priority of Rights of Purchasers of Controllable Accounts, Controllable Electronic Records, Controllable Payment Intangibles, Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements and Protections Against Assertions of Claims Under Articles 8 and 12.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire