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Can you summarize NHRS 382-A:9-601?
UNIFORM COMMERCIAL CODE > Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights and enforcement procedures after default in commercial transactions. It applies to secured parties, debtors, obligors, consignors, and buyers of accounts, chattel paper, payment intangibles, or promissory notes. After default, a secured party has the right to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. If the collateral is documents, the secured party may proceed either as to the documents or as to the goods they cover. A secured party in possession or control of collateral has specific rights and duties. The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously. The document also outlines the rights of debtors and obligors after default. Additionally, it states that no duties are imposed on a secured party that is a consignor or a buyer of certain rights to payment. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, obligors, consignors, buyers of accounts, chattel paper, payment intangibles, or promissory notes
What does it govern?
Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes
What are exemptions?
No duties are imposed on a secured party that is a consignor or a buyer of certain rights to payment
What are the Penalties?
No specific penalties mentioned
Jurisdiction
New Hampshire