11 §9-1627. Determination of whether conduct was commercially reasonable
§9-1627. Determination of whether conduct was commercially reasonable (1). 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 from establishing that […]
11 §9-1628. Nonliability and limitation on liability of secured party; liability of secondary obligor
§9-1628. Nonliability and limitation on liability of secured party; liability of secondary obligor (1). 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: (a). The secured party is not liable to the person or to a […]
11 §9-1615. Application of proceeds of disposition; liability for deficiency and right to surplus
§9-1615. Application of proceeds of disposition; liability for deficiency and right to surplus (1). A secured party shall apply or pay over for application the cash proceeds of disposition under section 9-1610 in the following order to: (a). The reasonable expenses of retaking, holding, preparing for disposition, processing and disposing and, to the extent […]
11 §9-1616. Explanation of calculation of surplus or deficiency
§9-1616. Explanation of calculation of surplus or deficiency (1). In this section: (a). “Explanation” means a writing that: (i) States the amount of the surplus or deficiency; (ii) Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficiency; (iii) States, if applicable, that […]
11 §9-1617. Rights of transferee of collateral
§9-1617. Rights of transferee of collateral (1). A secured party’s disposition of collateral after default: (a). Transfers to a transferee for value all of the debtor’s rights in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Discharges the security interest under which […]
11 §9-1618. Rights and duties of certain secondary obligors
§9-1618. Rights and duties of certain secondary obligors (1). A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a). Receives an assignment of a secured obligation from the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. […]
11 §9-1619. Transfer of record or legal title
§9-1619. Transfer of record or legal title (1). In this section, “transfer statement” means a record authenticated by a secured party stating: (a). That the debtor has defaulted in connection with an obligation secured by specified collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] […]
11 §9-1620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral
§9-1620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral (1). Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a). The debtor consents to the acceptance under subsection (3); [PL 1999, […]
11 §9-1621. Notification of proposal to accept collateral
§9-1621. Notification of proposal to accept collateral (1). A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a). Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim […]
11 §9-1622. Effect of acceptance of collateral
§9-1622. Effect of acceptance of collateral (1). A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (a). Discharges the obligation to the extent consented to by the debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Transfers […]