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Can you summarize NVRS 104.9604?
Uniform Commercial CodeOriginal Articles > Procedure if security agreement covers real property or fixtures.
Short Summary
This legal document outlines the procedure to be followed when a security agreement covers both personal and real property, or when it covers goods that are or become fixtures. In the case of a security agreement covering both personal and real property, a secured party may proceed under this part as to the personal property without prejudicing any rights with respect to the real property. Alternatively, the secured party may proceed as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply. If a security agreement covers goods that are or become fixtures, the secured party may proceed under this part or in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply. However, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, they may remove the collateral from the real property after default. The secured party is required to promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party is not obligated to reimburse for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. The person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Whom does it apply to?
Secured parties, owners, and encumbrancers of real property
What does it govern?
Procedure if security agreement covers real property or fixtures
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada