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Can you summarize NHRS 382-A:9-611?
UNIFORM COMMERCIAL CODE > Notification Before Disposition of Collateral.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the requirement for secured parties to provide notification before disposing of collateral. The document specifies that a secured party must send a reasonable signed notification of disposition to the debtor, any secondary obligor, and other specified parties. These specified parties include other persons with an interest in the collateral, other secured parties or lienholders who have filed a financing statement, and secured parties who have a security interest in the collateral perfected by compliance with a statute, regulation, or treaty. However, the notification requirement does not apply if the collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market. The document also outlines the compliance requirements for notification and does not specify any penalties for non-compliance.
Whom does it apply to?
Secured parties, debtors, secondary obligors, other persons with an interest in the collateral
What does it govern?
Notification Before Disposition of Collateral
What are exemptions?
The notification requirement does not apply if the collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market.
What are the Penalties?
Penalties for non-compliance are not specified in the document.
Jurisdiction
New Hampshire