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Can you summarize NVRS 104.9313?
Uniform Commercial CodeOriginal Articles > When possession by or delivery to secured party perfects security interest without filing.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically addresses the perfection of security interests without filing. It outlines the various methods by which a secured party can perfect a security interest in tangible negotiable documents, goods, instruments, money, tangible chattel paper, and certificated securities. The document specifies that possession of collateral by the secured party or delivery of certificated securities can perfect a security interest. It also provides conditions under which possession of goods covered by a certificate of title can perfect a security interest. The document further explains that a person in possession of collateral can authenticate a record acknowledging that they hold possession for the secured party’s benefit. It clarifies that perfection occurs when the secured party takes possession and continues only while they retain possession. The document also addresses the acknowledgment of possession by a person for the secured party’s benefit and the duties and obligations associated with such acknowledgment. Additionally, it states that a secured party does not relinquish possession by delivering collateral to a person instructed to hold it for their benefit or to redeliver it to them. Overall, this document provides guidance on the methods and requirements for perfecting security interests without filing in Nevada.
Whom does it apply to?
Secured parties and debtors
What does it govern?
Perfection of security interest without filing
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada