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Can you summarize NHRS 382-A:9-607?
UNIFORM COMMERCIAL CODE > Collection and Enforcement by Secured Party.
Short Summary
This section of the New Hampshire Revised Statutes, specifically the Uniform Commercial Code (Chapter 382-A), governs the collection and enforcement actions that a secured party can take. It applies to secured parties, account debtors, other persons obligated on collateral, and banks. The section outlines the various actions a secured party can take, such as notifying an account debtor or other obligated person to make payment or render performance, enforcing obligations, exercising debtor’s rights, and applying the balance of a deposit account. It also allows a secured party to nonjudicially enforce a mortgage by recording necessary documents. The section emphasizes the requirement for a secured party to proceed in a commercially reasonable manner when collecting or enforcing obligations and allows the deduction of reasonable expenses. It clarifies that this section does not determine the duties owed by account debtors, banks, or other persons obligated on collateral to a secured party.
Whom does it apply to?
Secured parties, account debtors, other persons obligated on collateral, and banks
What does it govern?
Collection and enforcement by secured party
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire