2010 Nevada Code
TITLE 8 COMMERCIAL INSTRUMENTS AND TRANSACTIONS
Chapter 104 Uniform Commercial Code — Original Articles
NRS 104.9617 Effect of disposition of collateral by secured party after default; rights of transferee regarding collateral.

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) Discharges the security interest under which the disposition is made; and

(c) Discharges any subordinate security interest or other subordinate lien.

2. A transferee that acts in good faith takes free of the rights and interests described in subsection 1, even if the secured party fails to comply with this article or the requirements of any judicial proceeding.

3. If a transferee does not take free of the rights and interests described in subsection 1, the transferee takes the collateral subject to:

(a) The debtor's rights in the collateral;

(b) The security interest or agricultural lien under which the disposition is made; and

(c) Any other security interest or other lien.

(Added to NRS by 1999, 355)



Disclaimer: These codes may not be the most recent version. Nevada may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.