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Can you summarize NHRS 382-A:9-507?
UNIFORM COMMERCIAL CODE > Effect of Certain Events on Effectiveness of Financing Statement.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, discusses the effect of certain events on the effectiveness of a financing statement. It states that a filed financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, it mentions that a financing statement is not rendered ineffective if the information provided in the financing statement becomes seriously misleading, except as provided in subsection (c) and Section 9-508. Subsection (c) specifically addresses the change in the debtor’s name, stating that if the name provided in the financing statement becomes insufficient and seriously misleading, the financing statement remains effective to perfect a security interest in collateral acquired by the debtor before or within 4 months after the financing statement becomes seriously misleading. However, it is not effective to perfect a security interest in collateral acquired more than 4 months after the financing statement becomes seriously misleading, unless an amendment is filed within 4 months to correct the misleading information. Overall, this document provides guidelines for the effectiveness of financing statements in various scenarios.
Whom does it apply to?
Secured parties, debtors, and individuals involved in the sale, exchange, lease, license, or disposition of collateral
What does it govern?
Effect of Certain Events on Effectiveness of Financing Statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire