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Can you summarize NVRS 104.9611?
Uniform Commercial CodeOriginal Articles > Notification before disposition of collateral.
Short Summary
This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, pertains to the requirement of notification before the disposition of collateral. It defines the ’notification date’ as the date on which a secured party sends an authenticated notification of disposition to the debtor and any secondary obligor, or when the debtor and any secondary obligor waive the right to notification. The document outlines that a secured party must send a reasonable authenticated notification of disposition to the debtor, any secondary obligor, and other specified parties if the collateral is other than consumer goods. However, this requirement does not apply if the collateral is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market. The document also provides guidelines for compliance with the notification requirement, including requesting information on financing statements indexed under the debtor’s name and sending authenticated notifications to relevant secured parties. No specific penalties are mentioned in this document.
Whom does it apply to?
Secured parties, debtors, secondary obligors, persons with an interest in the collateral, other secured parties or lienholders
What does it govern?
Notification before disposition of collateral
What are exemptions?
Collateral that is perishable, threatens to decline speedily in value, or is of a type customarily sold on a recognized market
What are the Penalties?
No penalties mentioned.
Jurisdiction
Nevada