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Can you summarize NVRS 104.9705?
Uniform Commercial CodeOriginal Articles > Effectiveness of action taken before July 1, 2001.
Short Summary
This legal document, part of the Nevada Revised Statutes, governs commercial instruments and transactions under the Uniform Commercial CodeOriginal Articles. It specifies the effectiveness of actions taken before July 1, 2001, in relation to security interests and financing statements. The document states that actions taken before this date can still result in priority of a security interest over the rights of a person becoming a lien creditor, and such security interests become unperfected after one year unless they become perfected under the amended article. The filing of a financing statement before July 1, 2001, can still be effective to perfect a security interest to the extent it satisfies the applicable requirements. Effective financing statements filed before this date remain effective until the earlier of the time they would have ceased to be effective under the filing jurisdiction’s law or June 30, 2006. Continuation statements filed after July 1, 2001, do not continue the effectiveness of pre-existing financing statements, but the effectiveness can be continued by timely filing a continuation statement according to the jurisdiction’s law. The document also addresses specific provisions for financing statements filed against transmitting utilities and the requirements for an initial financing statement that includes both pre- and post-July 1, 2001 filings.
Whom does it apply to?
Persons involved in commercial instruments and transactions
What does it govern?
Uniform Commercial CodeOriginal Articles
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nevada