2001 REGULAR SESSION (71st)                                                                             A SB500 254

Amendment No. 254

 

 

 

     Amend section 1, page 1, line 2, by deleting “6,” and inserting “5,”.

     Amend the bill as a whole by deleting sec. 2 and renumbering sections 3 through 7 as sections 2 through 6.

     Amend sec. 7, page 5, line 3, by deleting “6,” and inserting “5,”.

     Amend the bill as a whole by deleting sec. 8 and adding new sections, designated sections 7 and 8, following sec. 7, to read as follows:

     “Sec. 7. NRS 104.9109 is hereby amended to read as follows:

     104.9109  1.  Except as otherwise provided in subsections 3 and 4, this article applies to:

     (a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;

     (b) An agricultural lien;

     (c) A sale of accounts, chattel paper, payment intangibles or promissory notes;

     (d) A consignment;

     (e) A security interest arising under NRS 104.2401, 104.2505, subsection 3 of NRS 104.2711, or subsection 5 of NRS 104A.2508, as provided in NRS 104.9110; and

     (f) A security interest arising under NRS 104.4210 or 104.5118.

     2.  The application of this article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this article does not apply.

     3.  This article does not apply to the extent that:

     (a) A statute, regulation or treaty of the United States preempts this article; or

     (b) [Another statute of this state expressly governs the creation, perfection, priority or enforcement of a security interest created by this state or a governmental unit of this state;

     (c) A statute of another state, a foreign country, or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the state, country, or governmental unit; or

     (d)] The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under NRS 104.5114.

     4.  This article does not apply to:

     (a) A landlord’s lien, other than an agricultural lien;

     (b) A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but NRS 104.9333 applies with respect to priority of the lien;

     (c) An assignment of a claim for wages, salary or other compensation of an employee;

     (d) A sale of accounts, chattel paper, payment intangibles or promissory notes as part of a sale of the business out of which they arose;

     (e) An assignment of accounts, chattel paper, payment intangibles or promissory notes which is for the purpose of collection only;

     (f) An assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;

     (g) An assignment of a single account, payment intangible or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;

     (h) A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but NRS 104.9315 and 104.9322 apply with respect to proceeds and priorities in proceeds;

     (i) An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;

     (j) A right of recoupment or set-off, but:

          (1) NRS 104.9340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and

          (2) NRS 104.9404 applies with respect to defenses or claims of an account debtor;

     (k) The creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:

          (1) Liens on real property in NRS 104.9203 and 104.9308;

          (2) Fixtures in NRS 104.9334;

          (3) Fixture filings in NRS 104.9501, 104.9502, 104.9512, 104.9516 and 104.9519; and

          (4) Security agreements covering personal and real property in NRS 104.9604;

     (l) An assignment of a claim arising in tort, other than a commercial tort claim, but NRS 104.9315 and 104.9322 apply with respect to proceeds and priorities in proceeds; [or]

     (m) An assignment of a deposit account in a consumer transaction, but NRS 104.9315 and 104.9322 apply with respect to proceeds and priorities in proceeds [.] ; or

     (n) A transfer by a government or governmental unit.

     Sec. 8. 1.  This section and sections 1 through 6, inclusive, of this act become effective on July 1, 2001.

     2.  Section 7 of this act becomes effective at 12:01 a.m. on July 1, 2001.”.

     Amend the title of the bill to read as follows:

“AN ACT relating to the University Securities Law; authorizing the board of regents of the University of Nevada to delegate its authority concerning the sale of securities; authorizing variable rates of interest on securities; authorizing the investment of pledged revenues and the proceeds of securities in certain investment contracts; authorizing agreements for an exchange of interest rates; removing certain exceptions concerning the applicability of the Uniform Commercial Code—Secured Transactions; creating an exception for transfers of a local government from the provisions of the Uniform Commercial Code—Secured Transactions; and providing other matters properly relating thereto.”.