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Can you summarize NVRS 104.9610?
Uniform Commercial CodeOriginal Articles > Disposition of collateral after default.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial Code, governs the disposition of collateral after default. It allows a secured party to sell, lease, license, or otherwise dispose of the collateral after default, either in its present condition or after preparation or processing. The disposition must be commercially reasonable, including the method, manner, time, place, and other terms. The secured party can choose to dispose of the collateral through public or private proceedings, contracts, as a unit or in parcels, and at any time and place. The secured party may purchase the collateral at a public sale or, if the collateral is customarily sold on a recognized market or has widely distributed standard price quotations, at a private sale. The document also covers warranties relating to the disposition, which can be disclaimed or modified by the secured party. A record indicating the disclaimer or modification is sufficient. This document does not mention any specific exemptions or penalties.
Whom does it apply to?
Secured parties and purchasers of collateral
What does it govern?
Disposition of collateral after default
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada