Section 9-706 – When Initial Financing Statement Suffices as Continuation Statement
(a) The filing of an initial financing statement in the office specified in § 9-501 continues the effectiveness of a financing statement filed before this title takes effect if: (1) The filing of an initial financing statement in that office would be effective to perfect a security interest under this title; (2) The pre-effective-date financing statement was filed […]
Section 9-707 – Amendment of Information in Pre-Effective-Date Financing Statement
(a) In this section, “pre-effective-date financing statement” means a financing statement filed before this title takes effect. (b) After this title takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the […]
Section 9-708 – Persons Entitled to File Initial Financing Statement or Continuation Statement
A person may file an initial financing statement or a continuation statement under this part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under this subtitle: (A) To continue the effectiveness of a financing statement filed before this title takes effect; or (B) To perfect or continue the perfection of a […]
Section 9-709 – Priority
(a) This title determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this title takes effect, the prior Code determines priority. (b) For purposes of § 9-322(a), the priority of a security interest that becomes enforceable under § 9-203 of this title dates from the time this […]
Section 9-801 – Defined Terms
(a) In this subtitle the following words have the meanings indicated. (b) “Act” means Chapter 674 of the Acts of the General Assembly of 2012. (c) “Pre–effective–date financing statement” means a financing statement filed before the effective date of the Act.
Section 9-607 – Collection and Enforcement by Secured Party
(a) If so agreed, and in any event after default, a secured party: (1) 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; (2) May take any proceeds to which the secured party is entitled under § 9–315; (3) May enforce […]
Section 9-608 – Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus
(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under § 9-607 in the following order to: (A) The reasonable expenses of collection and enforcement and, to the extent provided […]
Section 9-609 – Secured Party’s Right to Take Possession After Default
(a) After default, a secured party: (1) May take possession of the collateral; and (2) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under § 9-610. (b) A secured party may proceed under subsection (a): (1) Pursuant to judicial process; or (2) Without judicial process, if it proceeds without breach of the peace. (c) If so […]
Section 9-610 – Disposition of Collateral After Default
(a) 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. (b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a […]
Section 9-611 – Notification Before Disposition of Collateral
(a) In this section, “notification date” means the earlier of the date on which: (1) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) The debtor and any secondary obligor waive the right to notification. (b) Except as otherwise provided in subsection (d), a secured party that disposes of collateral […]