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Can you summarize NVRS 104.9203?
Uniform Commercial CodeOriginal Articles > Attachment and enforceability of security interest; proceeds; formal requisites; supporting obligations.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the attachment and enforceability of security interests, including the rights to proceeds and supporting obligations. It outlines the conditions under which a security interest becomes enforceable against the debtor and third parties, such as the requirement of value given and the debtor’s rights or power to transfer rights in the collateral. The document specifies various scenarios where a security interest can be attached, including the authentication of a security agreement, possession of collateral by the secured party, delivery of security certificates, or control over certain types of collateral. It also mentions specific provisions related to security interests in investment property, collecting banks, letter-of-credit issuers, and nominated persons. The document further explains the attachment of security interests in rights to payment or performance secured by other liens, as well as in securities accounts and commodity accounts. Exemptions and penalties for non-compliance are not mentioned in this document.
Whom does it apply to?
Debtors and third parties involved in commercial transactions
What does it govern?
Attachment and enforceability of security interest; proceeds; formal requisites; supporting obligations
What are exemptions?
Exemptions are not mentioned in the provided document.
What are the Penalties?
Penalties for non-compliance or violation of the document's provisions are not mentioned in the provided document.
Jurisdiction
Nevada