§ 8.9A-617. Rights of transferee of collateral
(a) Effects of disposition. 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) Rights of good-faith transferee. A […]
§ 8.9A-618. Rights and duties of certain secondary obligors
(a) Rights and duties of secondary obligor. 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 accept the […]
§ 8.9A-619. Transfer of record or legal title
(a) “Transfer statement.” In this section, “transfer statement” means a record authenticated by a secured party 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; (3) that, by reason of the exercise, a […]
§ 8.9A-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 of disposition required. Except as otherwise provided […]
§ 8.9A-612. Timeliness of notification before disposition of collateral
A notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is considered sent within a reasonable time before the disposition. 2000, c. 1007.
§ 8.9A-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) states the method of intended disposition; (D) states that the debtor is […]
§ 8.9A-614. 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 § 8.9A-613 (1); (B) a description of any liability for a deficiency of the person to which the notification is sent; (C) a telephone number from which the amount that must be […]
§ 8.9A-615. Application of proceeds of disposition; liability for deficiency and right to surplus
(a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition under § 8.9A-610 in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney’s […]
§ 8.9A-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 take any proceeds to which the secured party […]
§ 8.9A-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 the cash proceeds of collection or enforcement under § 8.9A-607 in the following order to: (A) […]