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Can you summarize NHRS 382-A:9-621?
UNIFORM COMMERCIAL CODE > Notification of Proposal to Accept Collateral.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, governs the process of accepting collateral in full or partial satisfaction of a secured obligation. It specifies that a secured party wishing to accept collateral must send a proposal to various parties, including those who have previously claimed an interest in the collateral, other secured parties or lienholders who held a security interest in the collateral before the debtor’s consent, and secured parties who have a perfected security interest in the collateral through compliance with relevant statutes, regulations, or treaties. Additionally, if the secured party wishes to accept collateral in partial satisfaction, the proposal must also be sent to any secondary obligor. The document provides the specific requirements and timelines for sending the proposal. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, persons with an interest in the collateral, secondary obligors
What does it govern?
Acceptance of collateral in full or partial satisfaction of a secured obligation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire