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Can you summarize NHRS 382-A:9-405?
UNIFORM COMMERCIAL CODE > Modification of Assigned Contract.
Short Summary
This legal document, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the effect of modifying or substituting an assigned contract. It states that a modification or substitution is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. However, the document specifies that this subsection is subject to certain conditions. It applies when the right to payment under an assigned contract has not been fully earned or when the right to payment has been fully earned but the account debtor has not been notified of the assignment. The document also mentions that different rules may apply to an account debtor who is an individual and incurred the obligation for personal, family, or household purposes. Additionally, it clarifies that this section does not apply to the assignment of a health-care-insurance receivable.
Whom does it apply to?
Assignees and account debtors
What does it govern?
Modification of Assigned Contract
What are exemptions?
This section does not apply to an assignment of a health-care-insurance receivable.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
New Hampshire