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Can you summarize NVRS 104.9615?
Uniform Commercial CodeOriginal Articles > Application of proceeds of disposition; liability for deficiency and right to surplus.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the application of proceeds of disposition, liability for deficiency, and the right to surplus. It outlines the order in which a secured party must apply the cash proceeds of disposition, including expenses, obligations secured by the security interest or agricultural lien, and obligations secured by subordinate security interests or other liens. The document also addresses the rights of consignors and the requirement for proof of subordinate security interests or liens. It further specifies the treatment of noncash proceeds, surplus, and deficiency in different types of transactions. Additionally, it provides provisions for the good faith receipt of cash proceeds by a secured party. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Secured parties, holders of subordinate security interests or other liens, debtors, obligors
What does it govern?
Application of proceeds of disposition; liability for deficiency and right to surplus.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada