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Can you summarize NHRS 382-A:9-617?
UNIFORM COMMERCIAL CODE > Rights of Transferee of Collateral.
Short Summary
This legal provision, found in the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the rights of a transferee of collateral in the event of default. When a secured party disposes of collateral after default, the transferee for value acquires all of the debtor’s rights in the collateral. Additionally, the disposition discharges the security interest under which it is made and any subordinate security interest or lien. A transferee that acts in good faith takes free of the rights and interests of the secured party, even if the secured party fails to comply with the requirements of this article or any judicial proceeding. However, if a transferee does not act in good faith, they take the collateral subject to the debtor’s rights, the security interest or agricultural lien under which the disposition is made, and any other security interest or lien. This provision came into effect on July 1, 2001.
Whom does it apply to?
Secured parties, transferees, debtors
What does it govern?
Rights of Transferee of Collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire