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Can you summarize NVRS 104.9625?
Uniform Commercial CodeOriginal Articles > Remedies for secured partys failure to comply with article.
Short Summary
This legal document pertains to the remedies available when a secured party fails to comply with the provisions of the article. It applies to secured parties, debtors, obligors, persons holding security interests or other liens on collateral, and consumer obligors. The document allows a court to order or restrain collection, enforcement, or disposition of collateral if a secured party is not proceeding in accordance with the article. It also establishes liability for damages caused by a failure to comply, which may include loss resulting from the debtor’s inability to obtain alternative financing. Additionally, it outlines specific damages recoverable for noncompliance with provisions related to consumer goods. The document further provides penalties for various failures to comply, including the recovery of $500 in certain cases. Overall, this document ensures that appropriate remedies are available in cases of noncompliance with the article’s provisions.
Whom does it apply to?
Secured parties, debtors, obligors, persons holding security interests or other liens on collateral, and consumer obligors
What does it govern?
Remedies for secured partys failure to comply with article
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Damages in the amount of any loss caused by a failure to comply with this article, including loss resulting from the debtors inability to obtain alternative financing. For consumer goods, a debtor or secondary obligor may recover an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price.
Jurisdiction
Nevada