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Can you summarize NVRS 104.9627?
Uniform Commercial CodeOriginal Articles > Determination of whether conduct was commercially reasonable.
Short Summary
This provision, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, addresses the determination of whether conduct in the collection, enforcement, disposition, or acceptance of collateral is commercially reasonable. It states that the fact that a greater amount could have been obtained by a different method or at a different time does not automatically preclude the secured party from establishing that the conduct was commercially reasonable. A disposition of collateral is considered commercially reasonable if it is made in the usual manner on a recognized market, at the current market price, or in conformity with reasonable commercial practices among dealers in the relevant type of property. Additionally, a collection, enforcement, disposition, or acceptance is deemed commercially reasonable if it has been approved in a judicial proceeding, by a genuine creditors’ committee, by a representative of creditors, or by an assignee for the benefit of creditors. However, lack of approval does not necessarily mean that the conduct is not commercially reasonable. This provision does not specify any exemptions or penalties.
Whom does it apply to?
Secured parties
What does it govern?
Conduct being commercially reasonable in collection, enforcement, disposition, or acceptance of collateral
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada