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Can you summarize NHRS 382-A:9-604?
UNIFORM COMMERCIAL CODE > Procedure if Security Agreement Covers Real Property or Fixtures.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, provides guidance on the procedure to be followed when a security agreement covers both personal and real property, or when it covers goods that are or become fixtures. If a security agreement covers both personal and real property, a secured party can enforce their rights separately for the personal property without affecting their rights over the real property. Alternatively, they can enforce their rights over both types of property in accordance with the rights related to the real property. When a security agreement covers fixtures, the secured party can proceed under the Uniform Commercial Code or in accordance with the rights related to real property. If a secured party has priority over all owners and encumbrancers of the real property, they may remove the collateral (fixtures) from the real property after default. However, they must promptly reimburse any encumbrancer or owner for the cost of repairing any physical injury caused by the removal. The secured party is not required to reimburse for any diminution in value of the real property caused by the absence of the removed goods or any necessity of replacing them. This document provides clarity on the procedure and rights involved in such situations.
Whom does it apply to?
Secured parties and owners/encumbrancers of real property
What does it govern?
Procedure if Security Agreement Covers Real Property or Fixtures
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire