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Can you summarize NVRS 104.9621?
Uniform Commercial CodeOriginal Articles > Notification of proposal to accept collateral in satisfaction of obligation.
Short Summary
This legal document pertains to the acceptance of collateral in full or partial satisfaction of an obligation by a secured party. The document specifies that a secured party must send a proposal to certain individuals or entities before accepting collateral. These include persons who have notified the secured party of a claim on the collateral, other secured parties or lienholders who held a security interest in the collateral before the debtor’s consent, and secured parties who have a security interest in the collateral perfected by compliance with a statute, regulation, or treaty. Additionally, if the secured party desires to accept collateral in partial satisfaction, the proposal must also be sent to any secondary obligor. The document does not mention any exemptions or penalties related to its provisions.
Whom does it apply to?
Secured parties, debtors, persons with an interest in the collateral, other secured parties or lienholders, secondary obligors
What does it govern?
Acceptance of collateral in satisfaction of obligation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada