§ 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 […]
§ 47-9607 – Collection and enforcement by secured party
47-9607. Collection and enforcement by secured party A. If so agreed, and in any event after default, a secured party: 1. 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; 2. May take any proceeds to which […]
§ 47-9608 – Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
47-9608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus A. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: 1. A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 47-9607 […]
§ 47-9609 – Secured party’s right to take possession after default
47-9609. Secured party’s right to take possession after default A. After default, a secured party: 1. May take possession of the collateral; and 2. Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 47-9610. B. A secured party may proceed under subsection A of this section: 1. Pursuant […]
§ 47-9610 – Disposition of collateral after default
47-9610. Disposition of collateral after default A. 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. B. Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, […]
§ 47-9611 – Notification before disposition of collateral
47-9611. Notification before disposition of collateral A. In this section, " notification date" means the earlier of the date on which: 1. A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or 2. The debtor and any secondary obligor waive the right to notification. B. Except as otherwise […]
§ 47-9612 – Timeliness of notification before disposition of collateral
47-9612. Timeliness of notification before disposition of collateral A. Except as otherwise provided in subsection B, whether a notification is sent within a reasonable time is a question of fact. B. In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time […]
§ 47-9613 – Contents and form of notification before disposition of collateral; general
47-9613. Contents and form of notification before disposition of collateral; general Except in a consumer goods transaction, the following rules apply: 1. The contents of a notification of disposition are sufficient if the notification: (a) Describes the debtor and the secured party; (b) Describes the collateral that is the subject of the intended disposition; (c) […]
§ 47-9614 – Contents and form of notification before disposition of collateral: consumer goods transaction
47-9614. Contents and form of notification before disposition of collateral: consumer goods transaction In a consumer goods transaction, the following rules apply: 1. A notification of disposition must provide the following information: (a) The information specified in section 47-9613, paragraph 1; (b) A description of any liability for a deficiency of the person to which […]