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Can you summarize NHRS 382-A:9-403?
UNIFORM COMMERCIAL CODE > Agreement Not to Assert Defenses Against Assignee.
Short Summary
This legal document, governed by the Uniform Commercial Code (Chapter 382-A) in the New Hampshire Revised Statutes, pertains to agreements between account debtors and assignors. It states that an agreement not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee under certain conditions. The assignee must take the assignment for value, in good faith, without notice of a claim of a property or possessory right to the assigned property, and without notice of a defense or claim in recoupment. However, this agreement does not apply to defenses that may be asserted against a holder in due course of a negotiable instrument. Additionally, in consumer transactions, if a record does not include a required statement regarding the rights of an assignee, the account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement. It is important to note that this section is subject to other laws that establish different rules for individual account debtors who incurred the obligation primarily for personal, family, or household purposes. This section does not displace other laws that give effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
Whom does it apply to?
Account debtors and assignees
What does it govern?
Agreement not to assert defenses against assignee
What are exemptions?
Defenses that may be asserted against a holder in due course of a negotiable instrument
What are the Penalties?
No penalties mentioned
Jurisdiction
New Hampshire