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Can you summarize NVRS 104.9301?
Uniform Commercial CodeOriginal Articles > Determination of law governing perfection and priority of security interests.
Short Summary
This legal document, as per the Nevada Revised Statutes, governs the determination of law related to perfection and priority of security interests. It applies to creditors and debtors involved in security interests in collateral. The document outlines the rules for determining the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. It specifies that the law of the jurisdiction where the debtor is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral. Additionally, it states that the law of the jurisdiction where the collateral is located governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral. The document also provides rules for the effect of perfection or nonperfection, and the priority of a nonpossessory security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper located in a jurisdiction. It further specifies that the law of the jurisdiction where the goods are located governs perfection of a security interest in the goods by a fixture filing. Moreover, it states that the law of the jurisdiction where the timber to be cut is located governs perfection of a security interest in the timber, and the law of the jurisdiction where the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
Whom does it apply to?
Creditors and debtors involved in security interests in collateral
What does it govern?
Perfection and priority of security interests
What are exemptions?
Exemptions are provided in NRS 104.9303 to 104.9306
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Nevada