Public-domain · open source
OpenJurist

NRS 104.9301

Law governing perfection and priority of security interests

Known as the Uniform Commercial Code

The act spans §§ 104–104 (489 sections).

Applied in 2 court decisions — leading case In Re SCHWALB (2006)

Most recently applied in Nat'l Truck Funding LLC v. Yolo Capital Inc. (In re Nat'l Truck Funding LLC) (January 2018)

(Added to NRS by 1999, 301; A 2005, 872; 2023, 3210)

Except as otherwise provided in NRS 104.9303 to 104.930602, inclusive, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:

1. Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.

2. While collateral is located in a jurisdiction, the law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.

3. Except as otherwise provided in subsections 4, 5 and 6, while negotiable tangible documents, goods, instruments or money is located in a jurisdiction, the law of that jurisdiction governs the effect of perfection or nonperfection, and the priority of a nonpossessory security interest.

4. While goods are located in a jurisdiction, the law of that jurisdiction governs perfection of a security interest in the goods by a fixture filing.

5. The law of the jurisdiction in which timber to be cut is located governs perfection of a security interest in the timber.

6. The law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.

Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.