§ 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 […]
§ 11-9-610. Disposition of Collateral After Default
Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, […]
§ 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 […]
§ 11-9-612. 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 […]
§ 11-9-613. 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 […]