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 §9-1605. 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 […]
11 §9-1609. Secured party’s right to take possession after default
§9-1609. Secured party’s right to take possession after default (1). After default, a secured party: (a). May take possession of the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Without removal, may render equipment unusable and dispose of collateral on a debtor’s […]
11 §9-1610. Disposition of collateral after default
§9-1610. Disposition of collateral after default (1). 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. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] […]
11 §9-1521. Uniform form of written financing statement and amendment
§9-1521. Uniform form of written financing statement and amendment (1). Except for a reason set forth in section 9-1516, subsection (2), a filing office that accepts written records may not refuse to accept a written initial financing statement in a form and format: (a). Approved by the International Association of Commercial Administrators or successor […]
11 §9-1611. Notification before disposition of collateral
§9-1611. Notification before disposition of collateral (1). In this section, “notification date” means the earlier of the date on which: (a). A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 […]
11 §9-1522. Maintenance and destruction of records
§9-1522. Maintenance and destruction of records (1). The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under section 9-1515 with respect to all secured parties of record. The record must be retrievable by using […]