§ 47-9628 – Nonliability and limitation on liability of secured party; liability of secondary obligor
47-9628. Nonliability and limitation on liability of secured party; liability of secondary obligor A. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person: 1. The secured party is not liable to the person, or to a secured […]
§ 47-9617 – Rights of transferee of collateral
47-9617. Rights of transferee of collateral A. A secured party’s disposition of collateral after default: 1. Transfers to a transferee for value all of the debtor’s rights in the collateral; 2. Discharges the security interest under which the disposition is made; and 3. Discharges any subordinate security interest or other subordinate lien. B. A transferee […]
§ 47-9618 – Rights and duties of certain secondary obligors
47-9618. Rights and duties of certain secondary obligors A. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: 1. Receives an assignment of a secured obligation from the secured party; 2. Receives a transfer of collateral from the secured party and agrees to […]
§ 47-9619 – Transfer of record or legal title; definition
47-9619. Transfer of record or legal title; definition A. In this section, " transfer statement" means a record authenticated by a secured party and stating: 1. That the debtor has defaulted in connection with an obligation secured by specified collateral; 2. That the secured party has exercised its postdefault remedies with respect to the collateral; […]
§ 47-9620 – Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
47-9620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral A. Except as otherwise provided in subsection G of this section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: 1. The debtor consents to the acceptance under subsection C of […]
§ 47-9621 – Notification of proposal to accept collateral
47-9621. Notification of proposal to accept collateral A. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: 1. Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of […]
§ 47-9622 – Effect of acceptance of collateral
47-9622. Effect of acceptance of collateral A. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: 1. Discharges the obligation to the extent consented to by the debtor; 2. Transfers to the secured party all of a debtor’s rights in the collateral; 3. Discharges the security interest or […]
§ 47-9623 – Right to redeem collateral
47-9623. Right to redeem collateral A. A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. B. To redeem collateral, a person shall tender: 1. Fulfillment of all obligations secured by the collateral; and 2. The reasonable expenses and attorney fees described in section 47-9615, subsection A, paragraph 1. C. […]
§ 47-9624 – Waiver
47-9624. Waiver A. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 47-9611 only by an agreement to that effect entered into and authenticated after default. B. A debtor may waive the right to require disposition of collateral under section 47-9620, subsection E only by an agreement […]
§ 47-9625 – Remedies for secured party’s failure to comply with chapter
47-9625. Remedies for secured party’s failure to comply with chapter A. If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. B. Subject to subsections C, D and F of this section, […]