§ 11-9-611. Notification Before Disposition of Collateral
“Notification date.” As used in this Code section, the term “notification date” means the earlier of the date on which: A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or The debtor and any secondary obligor waive the right to notification. Notification of disposition required. Except […]
§ 11-9-627. Determination of Whether Conduct Was Commercially Reasonable
Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. 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 […]
§ 11-9-612. Timeliness of Notification Before Disposition of Collateral
Reasonable time is question of fact. Except as otherwise provided in subsection (b) of this Code section, whether a notification is sent within a reasonable time is a question of fact. Ten-day period sufficient in nonconsumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and […]
§ 11-9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor
Limitation of liability of secured party for noncompliance with article. 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: The secured party is not liable to the person, or to a secured party or lienholder that […]
§ 11-9-613. Contents and Form of Notification Before Disposition of Collateral; General
Except in a consumer goods transaction, the following rules apply: The contents of a notification of disposition are sufficient if the notification: Describes the debtor and the secured party; Describes the collateral that is the subject of the intended disposition; States the method of intended disposition; States that the debtor is entitled to an accounting […]
§ 11-9-614. Contents and Form of Notification Before Disposition of Collateral; Consumer Goods Transaction
In a consumer goods transaction, the following rules apply: A notification of disposition must provide the following information: The information specified in paragraph (1) of Code Section 11-9-613; A description of any liability for a deficiency of the person to which the notification is sent; A telephone number from which the amount that must be […]
§ 11-9-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of a disposition under Code Section 11-9-610 in the following order to: 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 […]
§ 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 […]
§ 11-9-601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes
Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in Code Section 11-9-602, those provided by agreement of the parties. A secured party: May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien […]
§ 11-9-602. Waiver and Variance of Rights and Duties
Except as otherwise provided in Code Section 11-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: Subparagraph (b)(4)(C) of Code Section 11-9-207, which deals with use and […]