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Can you summarize NVRS 104.9607?
Uniform Commercial CodeOriginal Articles > Collection and enforcement by secured party.
Short Summary
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the collection and enforcement actions that a secured party can take. It outlines the rights and actions available to a secured party, such as notifying an account debtor or other obligated person to make payment or perform obligations for the benefit of the secured party. The secured party can also enforce the obligations of the account debtor or other obligated person and exercise the debtor’s rights with respect to the obligation and any collateral securing it. Additionally, if the secured party holds a security interest in a deposit account, they may apply the balance of the account to the secured obligation or instruct the bank to pay the balance to the secured party. The section also allows the secured party to record necessary documents to enable nonjudicial enforcement of a mortgage. It emphasizes that the secured party must proceed in a commercially reasonable manner when collecting or enforcing obligations and may deduct reasonable expenses from collections. However, it does not determine the duty owed by account debtors, banks, or other obligated persons to the secured party.
Whom does it apply to?
Secured parties, account debtors, and other persons obligated on collateral
What does it govern?
Collection and enforcement by secured party
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada