Ask Reggi Your Question Now
Can you summarize NVRS 104.9314?
Uniform Commercial CodeOriginal Articles > Perfection by control.
Short Summary
This legal document, found in the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to the perfection of security interests in various types of collateral, including investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, and electronic documents. It outlines the requirements for perfecting a security interest through control of the collateral, as specified in NRS 104.7106, 104.9104, 104.9105, 104.9106, and 104.9107. The document explains that a security interest in deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents is perfected by control when the secured party obtains control and remains perfected only as long as the secured party retains control. Similarly, a security interest in investment property is perfected by control from the time the secured party obtains control until the debtor no longer has control and certain conditions are met, depending on the type of collateral. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Parties involved in commercial transactions governed by the Uniform Commercial CodeOriginal Articles in Nevada
What does it govern?
Security interests in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, and electronic documents
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada