§ 11-9-616. Explanation of Calculation of Surplus or Deficiency
Definitions. As used in this Code section, the term: “Explanation” means a writing that: States the amount of the surplus or deficiency; Provides an explanation in accordance with subsection (c) of this Code section of how the secured party calculated the surplus or deficiency; States, if applicable, that future debits, credits, charges, including additional […]
§ 11-9-617. Rights of Transferee of Collateral
Effects of disposition. A secured party’s disposition of collateral after default: Transfers to a transferee for value all of the debtor’s rights in the collateral; Discharges the security interest under which the disposition is made; and Discharges any subordinate security interest or other subordinate lien. Rights of good faith transferee. A transferee that […]
§ 11-9-618. Rights and Duties of Certain Secondary Obligors
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: Receives an assignment of a secured obligation from the secured party; Receives a transfer of collateral from the secured party and agrees to accept the rights and […]
§ 11-9-619. Transfer of Record or Legal Title
“Transfer statement.” As used in this Code section, the term “transfer statement” means a record authenticated by a secured party stating: That the debtor has defaulted in connection with an obligation secured by specified collateral; That the secured party has exercised its postdefault remedies with respect to the collateral; That, by reason of the […]
§ 11-9-620. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral
Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g) of this Code section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: The debtor consents to the acceptance under subsection (c) of this Code section; The secured party does not receive, within […]
§ 11-9-621. Notification of Proposal to Accept Collateral
Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an […]
§ 11-9-622. Effect of Acceptance of Collateral
Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: Discharges the obligation to the extent consented to by the debtor; Transfers to the secured party all of a debtor’s rights in the collateral; Discharges the security interest or agricultural lien that is the subject […]
§ 11-9-623. Right to Redeem Collateral
Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. Requirements for redemption. To redeem collateral, a person shall tender: Fulfillment of all obligations secured by the collateral; and The reasonable expenses and attorney’s fees described in paragraph (1) of subsection (a) of Code […]
§ 11-9-624. Waiver
Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under Code Section 11-9-611 only by an agreement to that effect entered into and authenticated after default. Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under subsection […]
§ 11-9-609. Secured Party’s Right to Take Possession After Default
Possession; rendering equipment unusable; disposition on debtor’s premises. After default, a secured party: May take possession of the collateral; and Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under Code Section 11-9-610. Judicial and nonjudicial process. A secured party may proceed under subsection (a) of this Code […]