Ask Reggi Your Question Now
Can you summarize NVRS 104.9208?
Uniform Commercial CodeOriginal Articles > Additional duties of secured party having control of collateral.
Short Summary
This legal document outlines the additional duties of a secured party who has control of collateral. If there is no outstanding secured obligation and the secured party is not committed to make advances or incur obligations, within 10 days of receiving an authenticated demand by the debtor, the secured party must fulfill certain obligations. These obligations include releasing the bank from any further obligation to comply with instructions originated by the secured party if the secured party has control of a deposit account, paying the debtor the balance on deposit in the account or transferring it into a deposit account in the debtor’s name, communicating the authoritative copy of electronic chattel paper to the debtor or its designated custodian, releasing the designated custodian from any further obligation to comply with instructions originated by the secured party, and enabling the debtor or its designated custodian to make copies or revisions to the authoritative copy of an electronic document without the consent of the secured party.
Whom does it apply to?
Secured parties who have control of collateral
What does it govern?
Additional duties of secured party having control of collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada