§ 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 […]
§ 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 […]
§ 11-9-601. 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 […]
§ 11-9-603. Agreement on Standards Concerning Rights and Duties
Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in Code Section 11-9-602 if the standards are not manifestly unreasonable. Agreed standards inapplicable to breach of peace. Subsection (a) of […]
§ 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 […]