Ask Reggi Your Question Now
Can you summarize NHRS 382-A:9-605?
UNIFORM COMMERCIAL CODE > Unknown Debtor or Secondary Obligor.
Short Summary
This legal document, part of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the duties and obligations of secured parties in relation to debtors, obligors, and other secured parties or lienholders. It establishes that a secured party does not owe a duty to a debtor or obligor unless the secured party has knowledge of their identity and how to communicate with them. Similarly, a secured party does not owe a duty to a secured party or lienholder unless they have knowledge of the debtor’s identity. However, the document also states that a secured party does owe a duty to a debtor or obligor if they obtain control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible, and they know that the required information about the debtor is not provided by the collateral or associated records. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties, debtors, obligors, secured parties or lienholders that have filed a financing statement
What does it govern?
Uniform Commercial Code
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire