Section 9-804 – Security Interest Perfected Before Effective Date
(a) A security interest that is a perfected security interest immediately before the Act takes effect is a perfected security interest under this title, as amended by the Act, if, when the Act takes effect, the applicable requirements for attachment and perfection under this title, as amended by the Act, are satisfied without further action. (b) Except […]
Section 9-626 – Action in Which Deficiency or Surplus Is in Issue
In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this subtitle relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party’s compliance […]
Section 9-805 – Security Interest Unperfected Before Effective Date
A security interest that is an unperfected security interest immediately before the Act takes effect becomes a perfected security interest: (1) Without further action, when the Act takes effect if the applicable requirements for perfection under this title, as amended by the Act, are satisfied before or at that time; or (2) When the applicable requirements for […]
Section 9-627 – Determination of Whether Conduct Was Commercially Reasonable
(a) 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 the collection, enforcement, disposition, or acceptance was made in […]
Section 9-628 – Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor
(a) 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: (1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to […]
Section 9-701 – Effective Date
(a) This title takes effect at 12:01 a.m. on July 1, 2001. (b) In this subtitle the following words have the meanings indicated. (1) “Original Code” means Chapter 538 of the Acts of 1963, as the provisions of that chapter were amended prior to 12:01 a.m. on January 1, 1981. (2) “Prior Code” means Chapter 824 of the Acts […]
Section 9-702 – Savings Clause
(a) Except as otherwise provided in this subtitle, this title applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this title takes effect. (b) Except as otherwise provided in subsection (c) and §§ 9-703 through 9-709: (1) Transactions and liens that were not governed by the […]
Section 9-703 – Security Interest Perfected Before Effective Date
(a) A security interest that is enforceable immediately before this title takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this title if, when this title takes effect, the applicable requirements for enforceability and perfection under this title are […]
Section 9-704 – Security Interest Unperfected Before Effective Date
A security interest that is enforceable immediately before this title takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) Remains an enforceable security interest for one year after this title takes effect; (2) Remains enforceable thereafter if the security interest becomes enforceable under § […]
Section 9-705 – Effectiveness of Action Taken Before Effective Date
(a) If action, other than the filing of a financing statement, is taken before this title takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before this title takes effect, the action is effective […]