Nevada § 104.9203 - Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites

§ 104.9203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites

1. A security interest attaches to collateral when it becomes enforceable against

the debtor with respect to the collateral, unless an agreement expressly postpones

the time of attachment. 2. Except as otherwise provided in subsections 3 to 9, inclusive, a security interest

is enforceable against the debtor and third parties with respect to the collateral

only if: (a) Value has been given; (b) The debtor has rights in the collateral or the power to transfer rights in the

collateral to a secured party; and (c) One of the following conditions is met: (1) The debtor has signed a security agreement that provides a description of the

collateral and, if the security interest covers timber to be cut, a description of

the land concerned; (2) The collateral is not a certificated security and is in the possession of the

secured party under NRS 104.9313 pursuant to the debtor's security agreement; (3) The collateral is a certificated security in registered form and the security

certificate has been delivered to the secured party under NRS 104.8301 pursuant to the debtor's security agreement; (4) The collateral is controllable accounts, controllable electronic records, controllable

payment intangibles, deposit accounts, electronic documents, investment property or

letter-of-credit rights, and the secured party has control under NRS 104.7106 , 104.9104 , 104.9106 , 104.9107 or 104.910701 pursuant to the debtor's security agreement; or (5) The collateral is chattel paper and the secured party has possession and control

under NRS 104.931401 pursuant to the debtor's security agreement. 3. Subsection 2 is subject to NRS 104.4210 on the security interest of a collecting bank, NRS 104.5118 on the security interest of a letter-of-credit issuer or nominated person, NRS 104.9110 on a security interest arising under Article 2 or 2A, and NRS 104.9206 on security interests in investment property. 4. A person becomes bound as debtor by a security agreement entered into by another

person if, by operation of law other than this Article or by contract: (a) The security agreement becomes effective to create a security interest in his

or her property; or (b) He or she becomes generally obligated for the obligations of the other person,

including the obligation secured under the security agreement, and acquires or succeeds

to all or substantially all of the assets of the other person. 5. If a new debtor becomes bound as debtor by a security agreement entered into by

another person: (a) The agreement satisfies paragraph (c) of subsection 2 with respect to existing

or after-acquired property of the new debtor to the extent the property is described

in the agreement; and (b) Another agreement is not necessary to make a security interest in the property

enforceable. 6. The attachment of a security interest in collateral gives the secured party the

rights to proceeds provided by NRS 104.9315 and is also attachment of a security interest in a supporting obligation for the

collateral. 7. The attachment of a security interest in a right to payment or performance secured

by a security interest or other lien on personal or real property is also attachment

of a security interest in the security interest, mortgage or other lien. 8. The attachment of a security interest in a securities account is also attachment

of a security interest in the security entitlements carried in the securities account. 9. The attachment of a security interest in a commodity account is also attachment

of a security interest in the commodity contracts carried in the commodity account.