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Can you summarize NHRS 382-A:9-620?
UNIFORM COMMERCIAL CODE > Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the acceptance of collateral in full or partial satisfaction of an obligation. It outlines the conditions under which a secured party may accept collateral, including obtaining the debtor’s consent, not receiving objections from certain parties, and compliance with specific requirements for consumer goods. The document also specifies the effectiveness of acceptance, the debtor’s consent process, and the mandatory disposition of consumer goods by the secured party. Additionally, it prohibits the acceptance of collateral in partial satisfaction of the obligation in consumer transactions. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties and debtors involved in transactions where collateral is accepted in satisfaction of an obligation
What does it govern?
Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire