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Can you summarize NVRS 104.9321?
Uniform Commercial CodeOriginal Articles > Protection of licensee of general intangible and lessee of goods in ordinary course of business.
Short Summary
This section of the Nevada Revised Statutes, under the Uniform Commercial CodeOriginal Articles, governs the protection of licensees of general intangibles and lessees of goods in the ordinary course of business. A ’licensee in ordinary course of business’ refers to a person who becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. Similarly, a ’lessee in the ordinary course of business’ refers to a person who takes his or her leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence. The section clarifies that a licensee in the ordinary course of business takes his or her rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence. This section was added to the Nevada Revised Statutes in 1999.
Whom does it apply to?
Licensees of general intangibles and lessees of goods in the ordinary course of business
What does it govern?
Protection of licensee of general intangible and lessee of goods in ordinary course of business
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada