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Can you summarize NVRS 104.9108?
Uniform Commercial CodeOriginal Articles > Sufficiency of descriptions.
Short Summary
This legal document, part of the Nevada Revised Statutes, pertains to the sufficiency of descriptions in commercial instruments and transactions governed by the Uniform Commercial Code. It establishes that a description of personal or real property is considered sufficient if it reasonably identifies what is described, regardless of specificity. The document also provides various methods by which a description of collateral can reasonably identify the collateral, such as specific listing, category, type defined in the Uniform Commercial Code, quantity, computational or allocational formula or procedure, or any other objectively determinable method. However, certain descriptions, such as ‘all the debtor’s assets’ or ‘all the debtor’s personal property,’ are not considered reasonable. Additionally, the document specifies that descriptions of security entitlements, securities accounts, or commodity accounts are sufficient if they describe the collateral by those terms or as investment property, or by specifying the underlying financial asset or commodity contract. However, a description only by type of collateral defined in the Uniform Commercial Code is insufficient for commercial tort claims or certain entities in consumer transactions. This document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
This document applies to individuals or entities involved in commercial instruments and transactions governed by the Uniform Commercial Code.
What does it govern?
Uniform Commercial CodeOriginal Articles
What are exemptions?
There are exemptions provided in subsections 3, 4, and 5 of this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Nevada