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 […]
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 9-605 – Unknown Debtor or Secondary Obligor
A secured party does not owe a duty based on its status as secured party: (1) To a person that is a debtor or obligor, unless the secured party knows: (A) That the person is a debtor or obligor; (B) The identity of the person; and (C) How to communicate with the person; or (2) To a secured party or […]
Section 9-621 – Notification of Proposal to Accept Collateral
(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral; (2) Any other secured party […]
Section 9-606 – Time of Default for Agricultural Lien
For purposes of this subtitle, 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.
Section 9-622 – Effect of Acceptance of Collateral
(a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) Discharges the obligation to the extent consented to by the debtor; (2) Transfers to the secured party all of a debtor’s rights in the collateral; (3) Discharges the security interest or agricultural lien that is the subject of the debtor’s consent […]
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 […]