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Can you summarize NHRS 382-A:9-703?
UNIFORM COMMERCIAL CODE > Security Interest Perfected Before Effective Date.
Short Summary
This legal document, part of the New Hampshire Revised Statutes under the Uniform Commercial Code, addresses the priority of security interests over lien creditors. It states that a security interest that is enforceable immediately before the Act takes effect and would have priority over a person becoming a lien creditor at that time is considered a perfected security interest under the Act if the applicable requirements for enforceability and perfection are satisfied without further action. If the security interest is enforceable but the requirements for enforceability or perfection are not satisfied when the Act takes effect, it is considered a perfected security interest for one year after the Act takes effect. After the year expires, the security interest remains enforceable only if it becomes enforceable under Section 9-203, and it remains perfected only if the applicable requirements for perfection are satisfied before the year expires. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons with security interests and lien creditors
What does it govern?
Security interests and their priority over lien creditors
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
New Hampshire