§ 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, […]
§ 11-9-626. Action in Which Deficiency or Surplus Is in Issue
Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: A secured party need not prove compliance with the provisions of this part relating to collection, […]
§ 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 […]