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Can you summarize NVRS 104.9330?
Uniform Commercial CodeOriginal Articles > Priority of purchaser of chattel paper or instrument.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, addresses the priority of purchasers of chattel paper or instruments. It outlines the conditions under which a purchaser of chattel paper has priority over a security interest claimed as proceeds of inventory or claimed other than as proceeds of inventory. The purchaser must give new value, take possession of the chattel paper, obtain control of the chattel paper, and act in good faith and in the ordinary course of business. The document also discusses the priority of purchasers in the proceeds of the chattel paper and instruments. Additionally, it covers the priority of a purchaser of an instrument over a security interest in the instrument, provided the purchaser gives value, takes possession of the instrument, and acts in good faith. The document further mentions that a holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory. It concludes by stating that if the chattel paper or instrument indicates assignment to an identified secured party other than the purchaser, the purchaser has knowledge that the purchase violates the rights of the secured party.
Whom does it apply to?
Purchasers of chattel paper and instruments
What does it govern?
Priority of purchaser of chattel paper or instrument
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada