Title 8

NRS 104.9606 Time of default for agricultural lien. For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. (Added to NRS by 1…

NRS 104.9607 Collection and enforcement by secured party. 1. If so agreed, and in any event after default, a secured party: (a) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secure…

NRS 104.9608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. 1. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (a) A secured party shall apply or pay over…

NRS 104.9609 Secured party’s right to take possession or dispose of collateral after default. 1. After default, a secured party: (a) May take possession of the collateral; (b) If a debtor so agrees, may require the debtor to assemble the collateral and make it available to the se…

NRS 104.9610 Disposition of collateral after default. 1. After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. 2. Every aspect of a …

NRS 104.9611 Notification before disposition of collateral. 1. In this section, “notification date” means the earlier of the date on which: (a) A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or (b) The debtor and any secondary …

NRS 104.9612 Timeliness of notification before disposition of collateral. 1. Except as otherwise provided in subsection 2, whether a notification is sent within a reasonable time is a question of fact. 2. In a transaction other than a consumer transaction, a notification of dispo…

NRS 104.9613 Contents and form of notification before disposition of collateral: General. 1. Except in a consumer-goods transaction, the following rules apply: (a) The contents of a notification of disposition are sufficient if the notification: (1) Describes the debtor and the s…

NRS 104.9614 Contents and form of notification before disposition of collateral: Consumer-goods transaction. 1. In a consumer-goods transaction, the following rules apply: (a) A notification of disposition must provide the following information: (1) The information specified in p…

NRS 104.9615 Application of proceeds of disposition; liability for deficiency and right to surplus. 1. A secured party shall apply or pay over for application the cash proceeds of disposition under NRS 104.9610 in the following order to: (a) The reasonable expenses of retaking, h…

NRS 104.9616 Explanation of calculation of surplus or deficiency. 1. In this section: (a) “Explanation” means a record that: (1) States the amount of the surplus or deficiency; (2) Provides an explanation in accordance with subsection 3 of how the secured party calculated the sur…

NRS 104.9617 Effect of disposition of collateral by secured party after default; rights of transferee regarding collateral. 1. A secured party’s disposition of collateral after default: (a) Transfers to a transferee for value all of the debtor’s rights in the collateral; (b) Disc…

NRS 104.9618 Rights and duties of certain secondary obligors. 1. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a) Receives an assignment of a secured obligation from the secured party; (b) Re…

NRS 104.9619 Transfer of record or legal title. 1. In this section, “transfer statement” means a record signed by a secured party stating: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral; (b) That the secured party has exercised …

NRS 104.9620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. 1. Except as otherwise provided in subsection 7, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: …

NRS 104.9621 Notification of proposal to accept collateral in satisfaction of obligation. 1. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a) Any person from which the secured party has …

NRS 104.9622 Effect of acceptance of collateral in satisfaction of obligation. 1. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (a) Discharges the obligation to the extent consented to by the debtor; (b) Transfers to the …

NRS 104.9623 Redemption of collateral. 1. A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. 2. To redeem collateral, a person must tender: (a) Fulfillment of all obligations secured by the collateral; and (b) The reasonable expenses a…

NRS 104.9624 Waiver. 1. A debtor or secondary obligor may waive the right to notification of disposition of collateral under NRS 104.9611 only by an agreement to that effect entered into and signed after default. 2. A debtor may waive the right to require disposition of collatera…

NRS 104.9625 Remedies for secured party’s failure to comply with article. 1. If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and co…

NRS 104.9626 Action in which deficiency or surplus is in issue. 1. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with…

NRS 104.9627 Determination of whether conduct was commercially reasonable. 1. The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is no…

NRS 104.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor. 1. Subject to subsection 6, unless a secured party knows that a person is a debtor or obligor, knows his or her identity, and knows how to communicate with him or her: (a) The …

NRS 104.9702 Applicability of amendatory provisions to preexisting transactions, liens, actions, cases and proceedings. 1. Except as otherwise provided in NRS 104.9702 to 104.9709, inclusive, this article as amended applies to a transaction or lien within its scope, even if the t…

NRS 104.9703 Security interest perfected before July 1, 2001. 1. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this arti…

NRS 104.9704 Security interest unperfected before July 1, 2001. A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time: 1. Remains an enforceable security interest…

NRS 104.9705 Effectiveness of action taken before July 1, 2001. 1. If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien credit…

NRS 104.9706 When initial financing statement suffices to continue effectiveness of financing statement filed before July 1, 2001. 1. The filing of an initial financing statement in the office specified in NRS 104.9501 continues the effectiveness of a financing statement filed be…

NRS 104.9707 Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under NRS 104.9702 to 104.9709, inclusive, if: 1. The secured party of record authorizes the filing; and 2. Th…

NRS 104.9708 Determination of priority of conflicting claims to collateral. 1. NRS 104.9101 to 104.9709, inclusive, determine the priority of conflicting claims to collateral. However, if the relative priorities of the parties were fixed before July 1, 2001, the provisions of art…

NRS 104.9709 Effectiveness, amendment and termination of financing statement filed before July 1, 2001. 1. In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2001. 2. A person may add or delete collateral covered by, continu…

NRS 104.9710 Applicability of amendatory provisions to preexisting transactions, liens, actions, cases and proceedings. 1. Except as otherwise provided in NRS 104.9710 to 104.9717, inclusive, this article as amended applies to a transaction or lien within its scope, even if the t…

NRS 104.9711 Security interest perfected before July 1, 2013. 1. A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under this article if, when this article as amended takes effect, the applicable requiremen…

NRS 104.9712 Security interest unperfected before July 1, 2013. A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest: 1. Without further action, on that date if the applicable requirements for perfecti…

NRS 104.9713 Effectiveness of action taken before July 1, 2013. 1. The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this article as amended.…

NRS 104.9714 When initial financing statement suffices to continue effectiveness of financing statement filed before July 1, 2013. 1. The filing of an initial financing statement in the office specified in NRS 104.9501 continues the effectiveness of a financing statement filed be…

NRS 104.9715 Effectiveness, amendment and termination of financing statement filed before July 1, 2013. 1. In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2013. 2. On or after July 1, 2013, a person may add or delete coll…

NRS 104.9716 Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part if: 1. The secured party of record authorizes the filing; and 2. The filing is necessary under…

NRS 104.9717 Determination of priority of conflicting claims to collateral. This article as amended determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, this article before amendment d…