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Can you summarize NVRS 104.9507?
Uniform Commercial CodeOriginal Articles > Effect of certain events on effectiveness of financing statement.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the effect of certain events on the effectiveness of a filed financing statement. It states that a financing statement remains effective even if the collateral is sold, exchanged, leased, licensed, or otherwise disposed of, as long as a security interest or agricultural lien continues. Additionally, the financing statement is not rendered ineffective if the information provided in it becomes seriously misleading, unless otherwise provided by NRS 104.9508. If the name provided for a debtor in the financing statement becomes insufficient and seriously misleading, the financing statement remains effective for collateral acquired by the debtor before or within 4 months after it becomes seriously misleading. However, it is not effective for collateral acquired more than 4 months after becoming seriously misleading, unless an amendment is filed within 4 months to rectify the misleading information. This document provides guidance on the effectiveness of financing statements in various scenarios.
Whom does it apply to?
Secured parties, debtors, and agricultural lienholders
What does it govern?
Effect of certain events on effectiveness of financing statement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada