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RSA 382-A:9-207 · Rights and Duties of Secured Party Having Possession or Control of Collateral

Title: XXXIV-A: UNIFORM COMMERCIAL CODE
Chapter: 382-A · UNIFORM COMMERCIAL CODE
Status: current
Official source linked: Yes

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382-A:9-207 Rights and Duties of Secured Party Having Possession or Control of Collateral. –

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(a)

Duty of care when secured party in possession. Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.

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(b)

Expenses, risks, duties, and rights when secured party in possession. Except as otherwise provided in subsection (d), if a secured party has possession of collateral:

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(1)

reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;

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(2)

the risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;

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(3)

the secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and

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(4)

the secured party may use or operate the collateral:

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(A)

for the purpose of preserving the collateral or its value;

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(B)

as permitted by an order of a court having competent jurisdiction; or

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(C)

except in the case of consumer goods, in the manner and to the extent agreed by the debtor.

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(c)

Duties and rights when secured party in possession or control. Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under Section 7-106, 9-104, 9-105, 9-106, 9-107, or 9-107A:

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(1)

may hold as additional security any proceeds, except money or funds, received from the collateral;

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(2)

shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and

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(3)

may create a security interest in the collateral.

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(d)

Buyer of certain rights to payment. If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:

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(1)

subsection (a) does not apply unless the secured party is entitled under an agreement:

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(A)

to charge back uncollected collateral; or

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(B)

otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and

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(2)

subsections (b) and (c) do not apply. Source. 2001, 102:25, eff. July 1, 2001. 2006, 169:38, eff. Jan. 1, 2007. 2022, 281:57, eff. Jan. 1, 2023. 2023, 236:96, eff. Oct. 7, 2023.

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Source note

Source. 2001, 102:25, eff. July 1, 2001. 2006, 169:38, eff. Jan. 1, 2007. 2022, 281:57, eff. Jan. 1, 2023. 2023, 236:96, eff. Oct. 7, 2023.

Source history

2001, 102:25, eff. July 1, 2001
2006, 169:38, eff. Jan. 1, 2007
2022, 281:57, eff. Jan. 1, 2023
2023, 236:96, eff. Oct. 7, 2023

Related materials

Bill relationships

2026 HB1066 reference
installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements
2026 HB1066-FN reference
installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements
2026 HB1748 reference · effective 2027-01-01
V. Any mortgage, pledge, or security interest made by the authority under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received
2026 HB1748-FN reference · effective 2027-01-01
V. Any mortgage, pledge, or security interest made by the authority under this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received
2026 SB56 reference · effective 2031-07-01
rfected from the time when the security document is executed with or without any subsequent physical delivery or segregation of the money and without any filing or recording under RSA 382-A or otherwise] A pledge of property, revenues, or other collateral by the authority to secure the payment of principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any