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Can you summarize NVRS 104.9601?
Uniform Commercial CodeOriginal Articles > Rights after default; judicial enforcement; effect on consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the rights and enforcement procedures after default in relation to secured parties, debtors, and obligors. It grants secured parties the rights to reduce a claim to judgment, foreclose, or enforce the claim through judicial procedures. If the collateral is in the form of documents, the secured party may proceed either with the documents or the goods they cover. A secured party in possession or control of collateral has specific rights and duties. The rights provided in this document are cumulative and can be exercised simultaneously. After default, debtors and obligors also have rights as provided in this document and by agreement. The document also addresses the lien of any levy made upon the collateral after a secured party has reduced its claim to judgment. It clarifies that a sale pursuant to an execution is considered a foreclosure by judicial procedure. Additionally, it states that a secured party who is a consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes has no duties imposed by this document. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, obligors
What does it govern?
Rights after default; judicial enforcement; effect on consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada