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Can you summarize NVRS 104.9304?
Uniform Commercial CodeOriginal Articles > Determination of law governing perfection and priority of security interests in deposit accounts.
Short Summary
This legal document determines the law governing the perfection and priority of security interests in deposit accounts. It applies to banks and debtors with deposit accounts. The document establishes rules to determine a bank’s jurisdiction for purposes of perfection, effect, and priority of security interests in deposit accounts. The jurisdiction is determined based on agreements between the bank and the debtor, including provisions in the agreement governing the deposit account, the governing law of the agreement, the jurisdiction where the deposit account is maintained, the location of the office identified in the account statement, or the jurisdiction where the bank’s chief executive office is located. This document provides clarity on the applicable law and jurisdiction for determining the perfection and priority of security interests in deposit accounts.
Whom does it apply to?
Banks and debtors with deposit accounts
What does it govern?
Perfection and priority of security interests in deposit accounts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada