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Can you summarize NHRS 382-A:9-626?
UNIFORM COMMERCIAL CODE > Action in Which Deficiency or Surplus is in Issue.
Short Summary
This legal document pertains to actions arising from transactions, excluding consumer transactions, where the amount of a deficiency or surplus is in dispute. The document outlines the rules that apply in such cases. It states that a secured party does not need to prove compliance with certain provisions unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with the relevant provisions. If the secured party fails to prove compliance, the liability of the debtor or secondary obligor for a deficiency is limited to the excess of the secured obligation, expenses, and attorney’s fees over the proceeds of the collection, enforcement, disposition, or acceptance, or the amount that would have been realized if the noncomplying secured party had followed the proper procedures. Additionally, if a deficiency or surplus is calculated under a specific section, the burden is on the debtor or obligor to establish that the proceeds of the disposition are significantly below what a complying disposition would have brought. The document also clarifies that the rules mentioned apply to transactions other than consumer transactions, and the determination of proper rules in consumer transactions is left to the court’s discretion.
Whom does it apply to?
Parties involved in a transaction, other than a consumer transaction, where the amount of a deficiency or surplus is in question
What does it govern?
Action in which deficiency or surplus is in issue
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
New Hampshire