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Can you summarize NVRS 104.9317?
Uniform Commercial CodeOriginal Articles > Interests that take priority over or take free of unperfected security interest or agricultural lien.
Short Summary
This legal document, governed by the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, establishes the priority of interests over unperfected security interests or agricultural liens. It states that a security interest or agricultural lien is subordinate to the rights of a person entitled to priority under NRS 104.9322 and a person that becomes a lien creditor before the security interest or agricultural lien is perfected or certain conditions are met. Additionally, it specifies that buyers and lessees of collateral take free of a security interest or agricultural lien if they give value, receive delivery of the collateral without knowledge of the security interest or agricultural lien, and before it is perfected. The document also mentions that a licensee of a general intangible or a buyer of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if they give value without knowledge of the security interest and before it is perfected. Furthermore, it states that if a person files a financing statement for a purchase-money security interest within a specified timeframe, the security interest takes priority over the rights of a buyer, lessee, or lien creditor. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Persons with security interests or agricultural liens, buyers of tangible chattel paper, tangible documents, goods, instruments, or a certificated security, lessees of goods, licensees of a general intangible, and buyers of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security
What does it govern?
Interests that take priority over or take free of unperfected security interest or agricultural lien
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada