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Can you summarize NVRS 104.9703?
Uniform Commercial CodeOriginal Articles > Security interest perfected before July 1, 2001.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, pertains to security interests that were perfected before July 1, 2001. It states that a security interest that was enforceable immediately before that date and would have priority over the rights of a person becoming a lien creditor at that time is considered a perfected security interest under this article. The document also outlines the conditions under which a security interest remains enforceable and perfected after July 1, 2001. It specifies that if the applicable requirements for enforceability or perfection under the amended article are not satisfied on that date, the security interest is considered perfected for one year after July 1, 2001. However, it will only remain enforceable if it becomes enforceable under NRS 104.9203 before the year expires, and it will only remain perfected if the applicable requirements for perfection under the amended article are satisfied before the year expires.
Whom does it apply to?
Creditors with security interests
What does it govern?
Security interests perfected before July 1, 2001
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada