Ask Reggi Your Question Now
Can you summarize NHRS 382-A:9-615?
UNIFORM COMMERCIAL CODE > Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the application of proceeds from the disposition of collateral by a secured party. It outlines the order in which the cash proceeds should be applied, including expenses, satisfaction of obligations secured by the security interest, and satisfaction of obligations secured by subordinate security interests or liens. The document also addresses the application of noncash proceeds and the rights of debtors and obligors in cases of surplus or deficiency. It further specifies that in certain transactions involving the sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus and the obligor is not liable for any deficiency. Additionally, the document provides guidelines for calculating surplus or deficiency in dispositions to persons related to the secured party and addresses the treatment of cash proceeds received by a junior secured party. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, holders of subordinate security interests or liens
What does it govern?
Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire