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Can you summarize NVRS 104.9628?
Uniform Commercial CodeOriginal Articles > Nonliability and limitation on liability of secured party; liability of secondary obligor.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the nonliability and limitation on liability of a secured party, as well as the liability of a secondary obligor. It outlines the circumstances under which a secured party is not liable to a person or other secured parties for failure to comply with the article, and how the secured party’s failure to comply does not affect the liability of the person for a deficiency. The document also specifies that a secured party is not liable to a debtor or obligor unless certain conditions are met, and that a secured party’s reasonable belief about a transaction not being a consumer-goods transaction or goods not being consumer goods does not make them liable. Additionally, it states that a secured party is not liable for failure to comply with certain sections of the Nevada Revised Statutes, and that they are not liable more than once with respect to any one secured obligation.
Whom does it apply to?
Secured parties, debtors, obligors, lienholders
What does it govern?
Nonliability and limitation on liability of secured party; liability of secondary obligor.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Nevada