Section 7-9A-622 – Effect of Acceptance of Collateral.
Section 7-9A-622 Effect of acceptance of collateral. (a) Effect of acceptance. 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 […]
Section 7-9A-607 – Collection and Enforcement by Secured Party.
Section 7-9A-607 Collection and enforcement by secured party. (a) Collection and enforcement generally. 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 […]
Section 7-9A-623 – Right to Redeem Collateral.
Section 7-9A-623 Right to redeem collateral. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney’s fees described […]
Section 7-9A-608 – Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.
Section 7-9A-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured. 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 […]
Section 7-9A-624 – Waiver.
Section 7-9A-624 Waiver. (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 7-9A-611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral […]
Section 7-9A-609 – Secured Party’s Right to Take Possession After Default.
Section 7-9A-609 Secured party’s right to take possession after default. (a) Possession; rendering equipment unusable; disposition on debtor’s premises. 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 7-9A-610. (b) Judicial and nonjudicial process. […]
Section 7-9A-610 – Disposition of Collateral After Default.
Section 7-9A-610 Disposition of collateral after default. (a) Disposition after default. 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) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the […]
Section 7-9A-611 – Notification Before Disposition of Collateral.
Section 7-9A-611 Notification before disposition of collateral. (a) “Notification date.” 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) Notification […]
Section 7-9A-612 – Timeliness of Notification Before Disposition of Collateral.
Section 7-9A-612 Timeliness of notification before disposition of collateral. (a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) 10-day period sufficient in non-consumer transaction. In a transaction other than a consumer transaction, a notification of […]
Section 7-9A-613 – Contents and Form of Notification Before Disposition of Collateral: General.
Section 7-9A-613 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) […]