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Can you summarize NVRS 104.9105?
Uniform Commercial CodeOriginal Articles > Control of electronic chattel paper; employment of system for evidencing transfer of interests in chattel paper.
Short Summary
This provision, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the control of electronic chattel paper and the employment of a system for evidencing the transfer of interests in chattel paper. It applies to secured parties, specifically those who have an interest in electronic chattel paper. To establish control of electronic chattel paper, a system must be employed that reliably establishes the secured party as the assignee of the chattel paper. The system must ensure the existence of a single authoritative copy of the record or records comprising the chattel paper, which is unique, identifiable, and unalterable. The authoritative copy must identify the secured party as the assignee and be communicated to and maintained by the secured party or its designated custodian. Copies or amendments that change the identified assignee can only be made with the consent of the secured party. Copies of the authoritative copy and any amendments must be readily identifiable as such. This provision does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties
What does it govern?
Control of electronic chattel paper; employment of system for evidencing transfer of interests in chattel paper
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada