679.627 – Determination of whether conduct was commercially reasonable.
679.627 Determination of whether conduct was commercially reasonable.— (1) 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 the collection, […]
679.628 – Nonliability and limitation on liability of secured party; liability of secondary obligor.
679.628 Nonliability and limitation on liability of secured party; liability of secondary obligor.— (1) 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: (a) The secured party is not liable to the person, or to a secured party or lienholder […]
679.614 – Contents and form of notification before disposition of collateral; consumer-goods transaction.
679.614 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 s. 679.613(1); (b) A description of any liability for a deficiency of the person to whom the notification is sent; (c) A telephone number from which […]
679.615 – Application of proceeds of disposition; liability for deficiency and right to surplus.
679.615 Application of proceeds of disposition; liability for deficiency and right to surplus.— (1) A secured party shall apply or pay over for application the cash proceeds of disposition under s. 679.610 in the following order to: (a) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement […]
679.616 – Explanation of calculation of surplus or deficiency.
679.616 Explanation of calculation of surplus or deficiency.— (1) In this section, the term: (a) “Explanation” means a writing that: 1. States the amount of the surplus or deficiency; 2. Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficiency; 3. States, if applicable, that future debits, credits, charges, including additional credit service […]
679.617 – Rights of transferee of collateral.
679.617 Rights of transferee of collateral.— (1) A secured party’s disposition of collateral after default: (a) Transfers to a transferee for value all of the debtor’s rights in the collateral; (b) Discharges the security interest under which the disposition is made; and (c) Discharges any subordinate security interest or other subordinate lien other than liens created under statutes providing for […]
679.618 – Rights and duties of certain secondary obligors.
679.618 Rights and duties of certain secondary obligors.— (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a) Receives an assignment of a secured obligation from the secured party; (b) Receives a transfer of collateral from the secured party and agrees to accept the rights and […]
679.619 – Transfer of record or legal title.
679.619 Transfer of record or legal title.— (1) In this section, the term “transfer statement” means a record authenticated by a secured party stating: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral; (b) That the secured party has exercised its post-default remedies with respect to the collateral; (c) That, by reason of the […]
679.620 – Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
679.620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.— (1) Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a) The debtor consents to the acceptance under subsection (3); (b) The secured party does not receive, within […]
679.621 – Notification of proposal to accept collateral.
679.621 Notification of proposal to accept collateral.— (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a) Any person from whom the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in […]