Ask Reggi Your Question Now
Can you summarize NVRS 104.9322?
Uniform Commercial CodeOriginal Articles > Priorities among conflicting security interests in and agricultural liens on same collateral.
Short Summary
This section of the Nevada Revised Statutes governs the priority among conflicting security interests and agricultural liens in the same collateral. It establishes rules for determining priority, such as ranking based on the time of filing or perfection, and the priority of perfected security interests over unperfected ones. The section also addresses the priority of the first security interest or agricultural lien to attach or become effective when conflicting security interests and agricultural liens are unperfected. Additionally, it provides guidelines for determining the time of filing or perfection as it relates to security interests in collateral and supporting obligations. The section further specifies that a security interest qualifying for priority over a conflicting security interest also has priority over supporting obligations and proceeds of the collateral, under certain conditions. It also addresses the priority of conflicting perfected security interests in proceeds of collateral that are not cash proceeds or specific types of assets. The section is subject to other provisions of the Uniform Commercial Code and specific statutes related to security interests and agricultural liens. No penalties or exemptions are mentioned in this section.
Whom does it apply to?
Creditors with conflicting security interests and agricultural liens
What does it govern?
Priority among conflicting security interests and agricultural liens in the same collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada