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Can you summarize NVRS 104.9616?
Uniform Commercial CodeOriginal Articles > Explanation of calculation of surplus or deficiency.
Short Summary
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs the calculation of surplus or deficiency in consumer-goods transactions. It applies to secured parties, debtors, and consumer obligors involved in such transactions. The section defines the terms ‘Explanation’ and ‘Request’ and outlines the requirements for providing an explanation to the debtor or consumer obligor after the disposition of collateral. The explanation must include the amount of surplus or deficiency, the calculation method used by the secured party, the potential impact of future debits, credits, charges, and expenses, and contact information for additional transaction details. The section also specifies the timeframe for sending the explanation or waiving the right to a deficiency. It further details the information that must be included in the explanation, such as the aggregate amount of obligations, proceeds of the disposition, expenses, credits, and the final surplus or deficiency amount. The section emphasizes that a substantially compliant explanation is sufficient, even if minor errors are present. Additionally, it grants debtors and consumer obligors the right to request an explanation and receive one free response every 6 months. Any additional responses may be subject to a charge not exceeding $25. No specific penalties are mentioned in this section.
Whom does it apply to?
Secured parties and debtors or consumer obligors involved in consumer-goods transactions
What does it govern?
Calculation of surplus or deficiency in consumer-goods transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada