490:9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
§490:9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. (a) Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) The debtor consents to the acceptance under subsection (c); (2) The secured party […]
490:9-621 Notification of proposal to accept collateral.
§490:9-621 Notification of proposal to accept collateral. (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of […]
490:9-622 Effect of acceptance of collateral.
§490:9-622 Effect of acceptance of collateral. (a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) Discharges the obligation to the extent consented to by the debtor; (2) Transfers to the secured party all of a debtor’s rights in the collateral; (3) Discharges the security interest or […]
490:9-623 Right to redeem collateral.
§490:9-623 Right to redeem collateral. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) Fulfillment of all obligations secured by the collateral; and (2) The reasonable expenses and attorney’s fees described in section 490:9-615(a)(1). (c) A redemption may occur […]
490:9-624 Waiver.
§490:9-624 Waiver. (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 490:9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under section 490:9-620(e) only by an agreement to that […]
490:9-616 Explanation of calculation of surplus or deficiency.
§490:9-616 Explanation of calculation of surplus or deficiency. (a) In this section: (1) “Explanation” means a writing that: (A) States the amount of the surplus or deficiency; (B) Provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C) States, if applicable, that future debits, credits, charges, […]
490:9-617 Rights of transferee of collateral.
§490:9-617 Rights of transferee of collateral. (a) A secured party’s disposition of collateral after default: (1) Transfers to a transferee for value all of the debtor’s rights in the collateral; (2) Discharges the security interest under which the disposition is made; and (3) Discharges any subordinate security interest or other subordinate lien. (b) A transferee […]
490:9-618 Rights and duties of certain secondary obligors.
§490:9-618 Rights and duties of certain secondary obligors. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) Receives an assignment of a secured obligation from the secured party; (2) Receives a transfer of collateral from the secured party and agrees to […]
490:9-619 Transfer of record or legal title.
§490:9-619 Transfer of record or legal title. (a) In this section, “transfer statement” means a record authenticated by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exercised its post-default remedies with respect to the collateral; (3) That, by […]
490:9-604 Procedure if security agreement covers real property or fixtures.
§490:9-604 Procedure if security agreement covers real property or fixtures. (a) If a security agreement covers both personal and real property, a secured party may proceed: (1) Under this part as to the personal property without prejudicing any rights with respect to the real property; or (2) As to both the personal property and the […]