Ask Reggi Your Question Now
Can you summarize NVRS 104.9320?
Uniform Commercial CodeOriginal Articles > Protection of certain buyers of goods.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, provides protection for certain buyers of goods. A buyer in the ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer’s seller, even if the security interest is perfected and the buyer knows of its existence. Similarly, a buyer of goods primarily for personal, family, or household purposes takes free of a security interest if the buyer buys without knowledge of the security interest, for value, primarily for personal, family, or household purposes, and before the filing of a financing statement covering the goods. However, there are exemptions to these protections, such as buyers of farm products, buyers with knowledge of a security interest, and buyers after the filing of a financing statement. The document also mentions that a buyer in the ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance. It is important to note that this document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Buyers in the ordinary course of business, buyers of goods primarily for personal, family, or household purposes
What does it govern?
Protection of certain buyers of goods
What are exemptions?
Buyers of farm products from a person engaged in farming operations, buyers of goods with knowledge of a security interest, buyers of goods after the filing of a financing statement covering the goods
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nevada