NRS 104.9601
Rights after default

  • judicial enforcement
  • effect on consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.

1.

After default, a secured party has the rights provided in this part and, except as otherwise provided in NRS 104.9602, those provided by agreement of the parties. A secured party:

(a)

May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and

(b)

If the collateral is documents, may proceed either as to the documents or as to the goods they cover.

2.

A secured party in possession of collateral or control of collateral under NRS 104.7106, 104.9104, 104.9105, 104.9106 or 104.9107 has the rights and duties provided in NRS 104.9207.

3.

The rights under subsections 1 and 2 are cumulative and may be exercised simultaneously.

4.

Except as otherwise provided in subsection 7 and NRS 104.9605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.

5.

If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:

(a)

The date of perfection of the security interest or agricultural lien in the collateral;

(b)

The date of filing a financing statement covering the collateral; or

(c)

Any date specified in a statute under which the agricultural lien was created.

6.

A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Article.

7.

Except as otherwise provided in subsection 3 of NRS 104.9607, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes.

Source: Section 104.9601 — Rights after default; judicial enforcement; effect on consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes., https://www.­leg.­state.­nv.­us/NRS/NRS-104.­html#NRS104Sec9601.

104.9601
Rights after default 104.9602
Waiver and variance of rights and duties of debtor and obligor. 104.9603
Agreement on standards concerning rights and duties of parties. 104.9604
Procedure if security agreement covers real property or fixtures. 104.9605
Duty to unknown debtor or secondary obligor. 104.9606
Time of default for agricultural lien. 104.9607
Collection and enforcement by secured party. 104.9608
Application of proceeds of collection or enforcement 104.9609
Secured party’s right to take possession or dispose of collateral after default. 104.9610
Disposition of collateral after default. 104.9611
Notification before disposition of collateral. 104.9612
Timeliness of notification before disposition of collateral. 104.9613
Contents and form of notification before disposition of collateral: General. 104.9614
Contents and form of notification before disposition of collateral: Consumer-goods transaction. 104.9615
Application of proceeds of disposition 104.9616
Explanation of calculation of surplus or deficiency. 104.9617
Effect of disposition of collateral by secured party after default 104.9618
Rights and duties of certain secondary obligors. 104.9619
Transfer of record or legal title. 104.9620
Acceptance of collateral in full or partial satisfaction of obligation 104.9621
Notification of proposal to accept collateral in satisfaction of obligation. 104.9622
Effect of acceptance of collateral in satisfaction of obligation. 104.9623
Redemption of collateral. 104.9624
Waiver of right to notification of disposition of collateral 104.9625
Remedies for secured party’s failure to comply with article. 104.9626
Action in which deficiency or surplus is in issue. 104.9627
Determination of whether conduct was commercially reasonable. 104.9628
Nonliability and limitation on liability of secured party
Last Updated

Feb. 5, 2021

§ 104.9601’s source at nv​.us