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Can you summarize NVRS 104.9626?
Uniform Commercial CodeOriginal Articles > Action in which deficiency or surplus is in issue.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs actions arising from transactions where the amount of a deficiency or surplus is in issue. It outlines the rules for secured parties to prove compliance with provisions related to collection, enforcement, disposition, or acceptance, unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the actions were conducted in accordance with the provisions. If the secured party fails to prove compliance, the liability of the debtor or secondary obligor for a deficiency is limited to the excess of the secured obligation, expenses, and attorney’s fees over the proceeds of the collection, enforcement, disposition, or acceptance. The document also places the burden on the debtor or obligor to establish that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought. These rules apply to transactions other than consumer transactions, and the determination of proper rules in consumer transactions is left to the court’s discretion.
Whom does it apply to?
Secured parties, debtors, secondary obligors
What does it govern?
Deficiency or surplus in an action arising from a transaction
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada