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Can you summarize NVRS 104.9315?
Uniform Commercial CodeOriginal Articles > Secured partys rights on disposition of collateral and in proceeds.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the rights of secured parties in relation to the disposition of collateral and the proceeds derived from such disposition. It states that a security interest or agricultural lien continues in collateral even after its sale, lease, license, exchange, or other disposition, unless the secured party authorized the disposition free of the security interest or agricultural lien. Additionally, a security interest attaches to any identifiable proceeds of collateral. The document also outlines the conditions under which a security interest in proceeds remains perfected or becomes unperfected. It specifies that a perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds, unless certain conditions are met. If a filed financing statement covers the original collateral, a security interest in proceeds remains perfected until the effectiveness of the filed financing statement lapses or the 21st day after the security interest attaches to the proceeds. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and secured parties
What does it govern?
Secured partys rights on disposition of collateral and in proceeds
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada