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Can you summarize NHRS 382-A:9-408?
UNIFORM COMMERCIAL CODE > Restrictions on Assignment of Promissory Notes, Health-Care-Insurance Receivables, and Certain General Intangibles Ineffective.
Short Summary
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the restrictions on the assignment of promissory notes, health-care-insurance receivables, and certain general intangibles. It states that any term in a promissory note or agreement that prohibits, restricts, or requires consent for the assignment or transfer of these assets is ineffective to the extent that it impairs the creation, attachment, or perfection of a security interest or provides that the assignment or transfer may give rise to default, breach, or other remedies. The document also mentions that legal restrictions on assignment are generally ineffective if they impair the creation, attachment, or perfection of a security interest or provide for default, breach, or other remedies. However, there are exceptions for assignments or transfers of compensation for injuries or sickness and benefits under a special needs trust. This document prevails over any inconsistent provision of existing or future statutes, rules, or regulations in New Hampshire, unless expressly stated otherwise. No specific penalties are mentioned in this document.
Whom does it apply to?
Debtors, account debtors, and persons obligated on promissory notes
What does it govern?
Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles
What are exemptions?
Assignments or transfers of compensation for injuries or sickness under 26 U.S.C. 104(a)(1) or (2), and assignments or transfers of benefits under a special needs trust under 42 U.S.C. 1396p(d)(4)
What are the Penalties?
No penalties mentioned
Jurisdiction
New Hampshire