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Can you summarize NVRS 104.9324?
Uniform Commercial CodeOriginal Articles > Priority of purchase-money security interests.
Short Summary
This legal document, part of the Nevada Revised Statutes, specifically addresses the priority of purchase-money security interests. It establishes that a perfected purchase-money security interest in inventory takes priority over conflicting security interests in the same inventory, as well as over chattel paper, instruments constituting proceeds of the inventory, and identifiable cash proceeds of the inventory. Similar priority rules apply to purchase-money security interests in livestock, goods other than inventory or livestock, and software. The document outlines the conditions for establishing priority, including the requirement for the purchase-money secured party to send an authenticated notification to the holder of the conflicting security interest. It also specifies that if multiple security interests qualify for priority, a security interest securing an obligation incurred as part of the price of the collateral takes priority over a security interest incurred for value given to enable the debtor to acquire rights in or the use of the collateral. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Creditors and debtors involved in purchase-money security interests
What does it govern?
Priority of purchase-money security interests
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada