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Can you summarize NVRS 104.9103?
Uniform Commercial CodeOriginal Articles > Purchase-money security interest: Circumstances of existence; applicability of payments; burden of establishing.
Short Summary
This legal document pertains to the concept of purchase-money security interest in commercial transactions. It defines purchase-money collateral as goods or software that secure a purchase-money obligation incurred with respect to that collateral. A security interest in goods or software is considered a purchase-money security interest if it meets certain conditions, such as securing a purchase-money obligation incurred with respect to other inventory or software in which the secured party holds or held a purchase-money security interest. The document also discusses the application of payments in transactions other than consumer-goods transactions, stating that payments must be applied according to the parties’ agreement or the obligor’s intention, and if no agreement or intention is present, to obligations that are not secured and then to obligations secured by purchase-money security interests in the order of their incurrence. It further clarifies that a purchase-money security interest does not lose its status even if it also secures non-purchase-money obligations or if collateral that is not purchase-money collateral also secures the purchase-money obligation. In transactions other than consumer-goods transactions, a secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest. The document concludes by stating that the rules mentioned apply to transactions other than consumer-goods transactions, and the determination of proper rules in consumer-goods transactions is left to the court’s discretion.
Whom does it apply to?
Parties involved in commercial transactions
What does it govern?
Purchase-money security interest
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada