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 §9-1603. Agreement on standards concerning rights and duties
§9-1603. Agreement on standards concerning rights and duties (1). 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 section 9-1602 if the standards are not manifestly unreasonable. [PL 1999, c. 699, Pt. […]
11 §9-1604. Procedure if security agreement covers real property or fixtures
§9-1604. Procedure if security agreement covers real property or fixtures (1). If a security agreement covers both personal and real property, a secured party may proceed: (a). Under this part as to the personal property without prejudicing any rights with respect to the real property; or [PL 1999, c. 699, Pt. A, §2 […]
11 §9-1605. Unknown debtor or secondary obligor
§9-1605. Unknown debtor or secondary obligor A secured party does not owe a duty based on its status as secured party: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (1). To a person that is a debtor or obligor unless the secured party knows: (a). […]
11 §9-1606. Time of default for agricultural lien
§9-1606. Time of default for agricultural lien For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. […]
11 §9-1607. Collection and enforcement by secured party
§9-1607. Collection and enforcement by secured party (1). If so agreed, and in any event after default, a secured party: (a). May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; [PL 1999, c. 699, Pt. […]
11 §9-1608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
§9-1608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus (1). If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply. (a). A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section […]