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Can you summarize NHRS 382-A:9-616?
UNIFORM COMMERCIAL CODE > Explanation of Calculation of Surplus or Deficiency.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the calculation of surplus or deficiency in consumer-goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The document outlines the requirements for providing an explanation of the surplus or deficiency to the debtor or consumer obligor after the disposition of collateral. The explanation must include specific information such as the amount of obligations secured by the security interest, the amount of proceeds from the disposition, expenses related to the disposition, and any credits or rebates to which the obligor is entitled. The document also allows for a waiver of the secured party’s right to a deficiency in certain cases. There are no mentioned exemptions or penalties associated with this document.
Whom does it apply to?
Secured parties, debtors, and consumer obligors involved in consumer-goods transactions
What does it govern?
Calculation of surplus or deficiency in consumer-goods transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire