§ 47-9707 – Amendment of pre-effective-date financing statement; definition
47-9707. Amendment of pre-effective-date financing statement; definition A. In this section, " pre-effective-date financing statement" means a financing statement filed before July 1, 2001. B. After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement […]
§ 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 […]
§ 47-9708 – Persons entitled to file initial financing statement or continuation statement
47-9708. Persons entitled to file initial financing statement or continuation statement A person may file an initial financing statement or a continuation statement under this article if: 1. The secured party of record authorizes the filing; and 2. The filing is necessary under this article: (a) To continue the effectiveness of a financing statement filed […]
§ 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, […]
§ 47-9626 – Action in which deficiency or surplus is in issue
47-9626. Action in which deficiency or surplus is in issue A. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: 1. A secured party need not prove compliance with the provisions of this article relating to […]
§ 47-9627 – Determination of whether conduct was commercially reasonable
47-9627. Determination of whether conduct was commercially reasonable A. The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that […]