§ 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 […]
§ 11-9-617. 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 […]
§ 11-9-604. Procedure if Security Agreement Covers Real Property or Fixtures
Enforcement; personal and real property. If a security agreement covers both personal and real property, a secured party may proceed: Under this part as to the personal property without prejudicing any rights with respect to the real property; or As to both the personal property and the real property in accordance with the rights […]
§ 11-9-515. Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement; Record of Mortgage as Financing Statement
Five-year effectiveness. Except as otherwise provided in subsection (d) of this Code section, a filed financing statement is effective for a period of five years after the date of filing or until the twentieth day after any earlier maturity date required to be specified on the filed financing statement. Lapse and continuation of financing […]