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Can you summarize NVRS 104.9335?
Uniform Commercial CodeOriginal Articles > Accessions.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the creation and continuation of security interests in accessions and collateral. It states that a security interest can be created in an accession and will continue in collateral that becomes an accession. If a security interest is perfected when the collateral becomes an accession, it remains perfected. The priority of a security interest in an accession is determined by the provisions of this part, except when a security interest in the whole is perfected by compliance with a certificate-of-title statute. After default, a secured party may remove an accession from other goods if their security interest has priority over the claims of every person with an interest in the whole. The secured party must promptly reimburse any holder of a security interest, lien, or owner of the whole or other goods for the cost of repair, but is not required to reimburse for diminution in value. The person entitled to reimbursement may refuse permission to remove until adequate assurance is given. This document was added to the Nevada Revised Statutes in 1999.
Whom does it apply to?
Creditors and secured parties
What does it govern?
Security interests in accessions and collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada