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Can you summarize NHRS 382-A:9-628?
UNIFORM COMMERCIAL CODE > Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the nonliability and limitation on liability of secured parties and the liability of secondary obligors. It outlines the circumstances under which a secured party may not be held liable for noncompliance with the article, such as when they lack knowledge of the debtor or obligor’s identity and means of communication. The document also limits the liability of a secured party based on their status as a secured party, provided they do not have the required knowledge about the debtor or obligor. Additionally, it specifies that a secured party is not liable if they reasonably believe a transaction is not a consumer-goods transaction or a consumer transaction. The document further states that a secured party is not liable for statutory damages for failure to comply with certain sections, and their liability for statutory damages is limited to once per secured obligation. However, these limitations of liability do not apply if the secured party obtains control of certain types of collateral and knows that the required information about the debtor or obligor is not provided by the collateral or associated records. The document does not mention specific penalties for non-compliance or violations.
Whom does it apply to?
Secured parties, debtors, obligors, lienholders, and persons involved in commercial transactions
What does it govern?
Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor
What are exemptions?
The limitations of liability in subsections (a) and (b) do not apply if the secured party obtains control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible and knows that the required information about the debtor or obligor is not provided by the collateral, a record attached to or associated with the collateral, or the system in which the collateral is recorded.
What are the Penalties?
No specific penalties mentioned in this document.
Jurisdiction
New Hampshire