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2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.9527 - Duty of Secretary of State to report.

The Secretary of State shall report biennially on or before the first Monday of February in each odd-numbered year to the Governor and Legislature on the operation of the filing office. The report must contain a statement of the extent to which:
1. The filing-office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially this part and the reasons for these variations; and
2. The filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Commercial Administrators, or any successor organization, and the reasons for these variations.
(Added to NRS by 1999, 345; A 2013, 899)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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, 104.9107 or 104.910701 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.
(Added to NRS by 1999, 345; A 2005, 876; 2023, 3227)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.9602 - Waiver and variance of rights and duties of debtor and obligor.

Except as otherwise provided in NRS 104.9624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
1. Subparagraph (3) of paragraph (d) of subsection 2 of NRS 104.9207, which deals with use and operation of the collateral by the secured party;
2. NRS 104.9210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
3. Subsection 3 of NRS 104.9607, which deals with collection and enforcement of collateral;
4. Subsection 1 of NRS 104.9608 and subsection 3 of NRS 104.9615 to the extent that they deal with application or payment of noncash proceeds of collection, enforcement or disposition;
5. Subsection 1 of NRS 104.9608 and subsection 4 of NRS 104.9615 to the extent that they require accounting for or payment of surplus proceeds of collateral;
6. NRS 104.9609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
7. Subsection 2 of NRS 104.9610 and NRS 104.9611, 104.9613 and 104.9614, which deal with disposition of collateral;
8. Subsection 6 of NRS 104.9615, which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party or a secondary obligor;
9. NRS 104.9616, which deals with explanation of the calculation of a surplus or deficiency;
10. NRS 104.9620, 104.9621 and 104.9622, which deal with acceptance of collateral in satisfaction of obligation;
11. NRS 104.9623, which deals with redemption of collateral;
12. NRS 104.9624, which deals with permissible waivers; and
13. NRS 104.9625 and 104.9626, which deal with the secured party’s liability for failure to comply with this article.
(Added to NRS by 1999, 346)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.9603 - Agreement on standards concerning rights and duties of parties.

1. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in NRS 104.9602 if the standards are not manifestly unreasonable.
2. Subsection 1 does not apply to the duty under NRS 104.9609 to refrain from breaching the peace.
(Added to NRS by 1999, 346)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.9604 - Procedure if security agreement covers real property or fixtures.

1. If a security agreement covers both personal and real property, a secured party may proceed:
(a) Under this part as to the personal property without prejudicing any rights with respect to the real property; or
(b) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
2. Subject to subsection 3, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(a) Under this part; or
(b) In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
3. Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
4. A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
(Added to NRS by 1999, 347)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › NRS 104.9605 - Duty to unknown debtor or secondary obligor.

1. Except as provided in subsection 2, a secured party does not owe a duty based on its status as secured party:
(a) To a person that is a debtor or obligor, unless the secured party knows:
(1) That he or she is a debtor or obligor;
(2) His or her identity; and
(3) How to communicate with him or her; or
(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(1) That the person is a debtor; and
(2) His or her identity.
2. A secured party owes a duty based on its status as a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(a) The person is a debtor or obligor; and
(b) The secured party knows that the information in subparagraph (1), (2) or (3) of paragraph (a) of subsection 1 relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral or the system in which the collateral is recorded.
(Added to NRS by 1999, 347; A 2023, 3228)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 secured party;
(b) May take any proceeds to which the secured party is entitled under NRS 104.9315;
(c) May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(d) If it holds a security interest in a deposit account perfected by control under paragraph (a) of subsection 1 of NRS 104.9104, may apply the balance of the deposit account to the obligation secured by the deposit account; and
(e) If it holds a security interest in a deposit account perfected by control under paragraph (b) or (c) of subsection 1 of NRS 104.9104, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
2. If necessary to enable a secured party to exercise under paragraph (c) of subsection 1 the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which the mortgage is recorded:
(a) A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(b) The secured party’s sworn affidavit in recordable form stating that:
(1) A default has occurred with respect to the obligation secured by the mortgage; and
(2) The secured party is entitled to enforce the mortgage nonjudicially.
3. A secured party shall proceed in a commercially reasonable manner if the secured party:
(a) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(b) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
4. A secured party may deduct from the collections made pursuant to subsection 3 reasonable expenses of collection and enforcement, including reasonable attorney’s fees and legal expenses incurred by the secured party.
5. This section does not determine whether an account debtor, bank or other person obligated on collateral owes a duty to a secured party.
(Added to NRS by 1999, 347; A 2011, 630)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 for application the cash proceeds of collection or enforcement under NRS 104.9607 in the following order to:
(1) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney’s fees and legal expenses incurred by the secured party;
(2) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(3) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives a signed demand for proceeds before distribution of the proceeds is completed.
(b) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder’s demand under subparagraph (3) of paragraph (a).
(c) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under NRS 104.9607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
2. If the underlying transaction is a sale of accounts, chattel paper, payment intangibles or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
(Added to NRS by 1999, 348; A 2001, 732; 2023, 3228)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 secured party at a place to be designated by the secured party which is reasonably convenient to both parties; and
(c) Without removal may render equipment unusable and dispose of collateral on a debtor’s premises under NRS 104.9610.
2. A secured party may proceed under subsection 1:
(a) Pursuant to judicial process; or
(b) Without judicial process, if it proceeds without breach of the peace.
(Added to NRS by 1999, 349)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 disposition of collateral, including the method, manner, time, place and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
3. A secured party may purchase collateral:
(a) At a public sale; or
(b) At a private sale only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
4. A contract for sale, lease, license or other disposition includes the warranties relating to title, possession, quiet enjoyment and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
5. A secured party may disclaim or modify warranties under subsection 4:
(a) In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(b) By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
6. A record is sufficient to disclaim warranties under subsection 5 if it indicates "There is no warranty relating to title, possession, quiet enjoyment or the like in this disposition" or uses words of similar import.
(Added to NRS by 1999, 349)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 obligor waive the right to notification.
2. Except as otherwise provided in subsection 4, a secured party that disposes of collateral under NRS 104.9610 shall send to the persons specified in subsection 3 a reasonable signed notification of disposition.
3. To comply with subsection 2, the secured party shall send a signed notification of disposition to:
(a) The debtor;
(b) Any secondary obligor; and
(c) If the collateral is other than consumer goods:
(1) Any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;
(2) Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(I) Identified the collateral;
(II) Was indexed under the debtor’s name as of that date; and
(III) Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in subsection 1 of NRS 104.9311.
4. Subsection 2 does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
5. A secured party complies with the requirement for notification prescribed by subparagraph (2) of paragraph (c) of subsection 3 if:
(a) Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in that subparagraph; and
(b) Before the notification date, the secured party:
(1) Did not receive a response to the request for information; or
(2) Received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
(Added to NRS by 1999, 350; A 2023, 3229)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
(Added to NRS by 1999, 351)
2023 Nevada Revised Statutes › 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.

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)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(c) Is subrogated to the rights of a secured party with respect to collateral.
2. An assignment, transfer or subrogation described in subsection 1:
(a) Is not a disposition of collateral under NRS 104.9610; and
(b) Relieves the secured party of further duties under this article.
(Added to NRS by 1999, 356)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 its postdefault remedies with respect to the collateral;
(c) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(d) The name and mailing address of the secured party, debtor and transferee.
2. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(a) Accept the transfer statement;
(b) Promptly amend its records to reflect the transfer; and
(c) If applicable, issue a new appropriate certificate of title in the name of the transferee.
3. A transfer of the record or legal title to collateral to a secured party under subsection 2 or otherwise is not of itself a disposition of collateral under this article and does not of itself relieve the secured party of its duties under this article.
(Added to NRS by 1999, 356; A 2023, 3236)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral;
(b) Any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(1) Identified the collateral;
(2) Was indexed under the debtor’s name as of that date; and
(3) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(c) Any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in subsection 1 of NRS 104.9311.
2. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection 1.
(Added to NRS by 1999, 358; A 2023, 3238)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 secured party all of a debtor’s rights in the collateral;
(c) Discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and
(d) Terminates any other subordinate interest.
2. A subordinate interest is discharged or terminated under subsection 1 even if the secured party fails to comply with this article.
(Added to NRS by 1999, 358)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 and attorney’s fees described in paragraph (a) of subsection 1 of NRS 104.9615.
3. A redemption may occur at any time before a secured party:
(a) Has collected collateral under NRS 104.9607;
(b) Has disposed of collateral or entered into a contract for its disposition under NRS 104.9610; or
(c) Has accepted collateral in full or partial satisfaction of the obligation it secures under NRS 104.9622.
(Added to NRS by 1999, 358)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 collateral under subsection 5 of NRS 104.9620 only by an agreement to that effect entered into and signed after default.
3. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under NRS 104.9623 only by an agreement to that effect entered into and signed after default.
(Added to NRS by 1999, 359; A 2023, 3238)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 the provisions of this part relating to collection, enforcement, disposition or acceptance unless the debtor or a secondary obligor places the secured party’s compliance in issue.
(b) If the secured party’s compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition or acceptance was conducted in accordance with this part.
(c) Except as otherwise provided in NRS 104.9628, if a secured party fails to prove that the collection, enforcement, disposition or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses and attorney’s fees exceeds the greater of:
(1) The proceeds of the collection, enforcement, disposition or acceptance; or
(2) The amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition or acceptance.
(d) For purposes of subparagraph (2) of paragraph (c), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses and attorney’s fees unless the secured party proves that the amount is less than that sum.
(e) If a deficiency or surplus is calculated under subsection 6 of NRS 104.9615, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party or a secondary obligor would have brought.
2. The limitation of the rules in subsection 1 to transactions other than consumer transactions leaves to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
(Added to NRS by 1999, 360)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition or acceptance was made in a commercially reasonable manner.
2. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(a) In the usual manner on any recognized market;
(b) At the price current in any recognized market at the time of the disposition; or
(c) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
3. A collection, enforcement, disposition or acceptance is commercially reasonable if it has been approved:
(a) In a judicial proceeding;
(b) By a genuine creditors’ committee;
(c) By a representative of creditors; or
(d) By an assignee for the benefit of creditors.
4. Approval under subsection 3 need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition or acceptance is not commercially reasonable.
(Added to NRS by 1999, 361)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against him or her, for failure to comply with this article; and
(b) The secured party’s failure to comply with this article does not affect the liability of the person for a deficiency.
2. Subject to subsection 6, a secured party is not liable because of its status as a secured party:
(a) To a person that is a debtor or obligor, unless the secured party knows:
(1) That he or she is a debtor or obligor;
(2) His or her identity; and
(3) How to communicate with him or her; or
(b) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(1) That he or she is a debtor; and
(2) His or her identity.
3. A secured party is not liable to any person, and a person’s liability for a deficiency is not affected, because of any act or omission arising out of the secured party’s reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party’s belief is based on its reasonable reliance on:
(a) A debtor’s representation concerning the purpose for which collateral was to be used, acquired or held; or
(b) An obligor’s representation concerning the purpose for which a secured obligation was incurred.
4. A secured party is not liable to any person under paragraph (b) of subsection 3 of NRS 104.9625 for its failure to comply with NRS 104.9616.
5. A secured party is not liable under paragraph (b) of subsection 3 of NRS 104.9625 more than once with respect to any one secured obligation.
6. Subsections 1 and 2 do not apply to limit the liability of a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(a) The person is a debtor or obligor; and
(b) The secured party knows that the information specified in subparagraph (1), (2) or (3) of paragraph (a) of subsection 2 relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral or the system in which the collateral is recorded.
(Added to NRS by 1999, 361; A 2023, 3238)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 transaction or lien was entered into or created before the amendments to this article take effect.
2. Except as otherwise provided in subsection 3 and NRS 104.9703 to 104.9709, inclusive:
(a) Transactions and liens that were not governed by this article before July 1, 2001, were validly entered into or created before that date, and would be subject to this article if they had been entered into or created after that date, and the rights, duties and interests flowing from those transactions and liens remain valid on and after that date; and
(b) The transactions and liens may be terminated, completed, consummated or enforced as required or permitted by this article or by the law that otherwise would apply if this article had not taken effect.
3. This article as amended does not affect an action, case or proceeding commenced before July 1, 2001.
(Added to NRS by 1999, 362)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 article if, when this article as amended takes effect, the applicable requirements for enforceability and perfection under this article as amended are satisfied without further action.
2. Except as otherwise provided in NRS 104.9705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this article as amended are not satisfied on July 1, 2001, the security interest:
(a) Is a perfected security interest for 1 year after July 1, 2001;
(b) Remains enforceable thereafter only if the security interest becomes enforceable under NRS 104.9203 before the year expires; and
(c) Remains perfected thereafter only if the applicable requirements for perfection under this article as amended are satisfied before the year expires.
(Added to NRS by 1999, 362)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 for 1 year after July 1, 2001;
2. Remains enforceable thereafter if the security interest becomes enforceable under NRS 104.9203 when this article as amended takes effect or within 1 year thereafter; and
3. Becomes perfected:
(a) Without further action, on July 1, 2001, if the applicable requirements for perfection under this article as amended are satisfied before or at that time; or
(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
(Added to NRS by 1999, 362)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 creditor had the security interest become enforceable before that date, the action is effective to perfect a security interest that attaches under this article as amended within 1 year after that date. An attached security interest becomes unperfected 1 year after July 1, 2001, unless the security interest becomes a perfected security interest under this article as amended before the expiration of that period.
2. The filing of a financing statement before July 1, 2001, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this article as amended.
3. This article as amended does not render ineffective an effective financing statement that was filed before July 1, 2001, and satisfied the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in NRS 104.9103 as that section read at the time of filing. However, except as otherwise provided in subsections 4 and 5 and NRS 104.9706, the financing statement ceases to be effective at the earlier of:
(a) The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(b) June 30, 2006.
4. The filing of a continuation statement on or after July 1, 2001, does not continue the effectiveness of the financing statement filed before that date. However, upon the timely filing of a continuation statement after that date and in accordance with the law of the jurisdiction governing perfection as provided in part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before that date continues for the period provided by the law of that jurisdiction.
5. Paragraph (b) of subsection 3 applies to a financing statement that was filed against a transmitting utility before July 1, 2001, and satisfied the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in NRS 104.9103 as that section read at the time of filing only to the extent that part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
6. A financing statement that includes a financing statement filed before July 1, 2001, and a continuation statement filed after that date are effective only to the extent that the financing statement satisfies the requirements of part 5 for an initial financing statement.
(Added to NRS by 1999, 363; A 2001, 62, 735)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 before July 1, 2001, if:
(a) The filing of an initial financing statement in that office would be effective to perfect a security interest under this article as amended;
(b) The pre-effective-date financing statement was filed in an office in another state or another office in this State; and
(c) The initial financing statement satisfies subsection 3.
2. The filing of an initial financing statement under subsection 1 continues the effectiveness of the pre-effective-date financing statement:
(a) If the initial financing statement is filed before July 1, 2001, for the period provided in NRS 104.9403 before that date with respect to a financing statement; and
(b) If the initial financing statement is filed on or after July 1, 2001, for the period provided in NRS 104.9515 with respect to an initial financing statement.
3. To be effective for purposes of subsection 1, an initial financing statement must:
(a) Satisfy the requirements of part 5 for an initial financing statement;
(b) Identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(c) Indicate that the pre-effective-date financing statement remains effective.
(Added to NRS by 1999, 364)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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. The filing is necessary under those sections:
(a) To continue the effectiveness of a financing statement filed before July 1, 2001; or
(b) To perfect or continue the perfection of a security interest.
(Added to NRS by 1999, 364)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 article 9 which were in effect before July 1, 2001, determine priority.
2. For purposes of subsection 1 of NRS 104.9322, the priority of a security interest that becomes enforceable under NRS 104.9203 dates from July 1, 2001, if the security interest is perfected under this article as amended by the filing of a financing statement before July 1, 2001, which would not have been effective to perfect the security interest under the provisions of article 9 which were in effect before that date. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
(Added to NRS by 1999, 364)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement pursuant to the law of the jurisdiction governing perfection as provided in part 3. The effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
3. Except as otherwise provided in subsection 4, if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended on or after July 1, 2001, if:
(a) The pre-effective-date financing statement and an amendment are filed in the office specified in NRS 104.9501;
(b) An amendment is filed in the office specified in NRS 104.9501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies the requirements of subsection 3 of NRS 104.9706; or
(c) An initial financing statement that provides the information as amended and satisfies the requirements of subsection 3 of NRS 104.9706 is filed in the office specified in NRS 104.9501.
4. If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under subsections 4 and 6 of NRS 104.9705 or NRS 104.9706.
5. Whether or not the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated on or after July 1, 2001, by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies the requirements of subsection 3 of NRS 104.9706 has been filed in the office specified by the law of the jurisdiction governing perfection as provided in part 3.
(Added to NRS by 2001, 708)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 transaction or lien was entered into or created before July 1, 2013.
2. This article as amended does not affect an action, case or proceeding commenced before July 1, 2013.
(Added to NRS by 2011, 605)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 requirements for attachment and perfection under this article as amended are satisfied without further action.
2. Except as otherwise provided in NRS 104.9713, if, immediately before July 1, 2013, a security interest is a perfected security interest, but the applicable requirements for perfection under this article as amended are not satisfied on July 1, 2013, the security interest remains perfected thereafter only if the applicable requirements for perfection under this article as amended are satisfied within 1 year after July 1, 2013.
(Added to NRS by 2011, 605)
2023 Nevada Revised Statutes › Chapter 104 - Uniform Commercial Code—Original Articles › 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 perfection under this article as amended are satisfied before or at that time; or
2. When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
(Added to NRS by 2011, 605)