Section 9-613 – Contents and Form of Notification Before Disposition of Collateral: General
Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) Describes the debtor and the secured party; (B) Describes the collateral that is the subject of the intended disposition; (C) States the method of intended disposition; (D) States that the debtor is entitled to an accounting of […]
Section 9-614 – Contents and Form of Notification Before Disposition of Collateral: Consumer-Goods Transaction
In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) The information specified in § 9-613(1); (B) A description of any liability for a deficiency of the person to which the notification is sent; (C) A telephone number from which the amount that must be paid to the secured party […]
Section 9-615 – Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus
(a) A secured party shall apply or pay over for application the cash proceeds of disposition under § 9-610 in the following order to: (1) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney’s fees and legal expenses incurred […]
Section 9-616 – Explanation of Calculation of Surplus or Deficiency
(a) In this section: (1) “Explanation” means a writing that: (A) States the amount of the surplus or deficiency; (B) Provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C) States, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the […]
Section 9-617 – Rights of Transferee of Collateral
(a) A secured party’s disposition of collateral after default: (1) Transfers to a transferee for value all of the debtor’s rights in the collateral; (2) Discharges the security interest under which the disposition is made; and (3) Discharges any subordinate security interest or other subordinate lien. (b) A transferee that acts in good faith takes free of the rights and […]
Section 9-511 – Secured Party of Record
(a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under § 9-514(a), the assignee named in […]
Section 9-602 – Waiver and Variance of Rights and Duties
Except as otherwise provided in § 9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) § 9-207(b)(4)(C), which deals with use and operation of the collateral by […]
Section 9-512 – Amendment of Financing Statement
(a) Subject to § 9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that: (1) Identifies, by its file number, the initial financing statement to which the amendment relates; and (2) If the […]
Section 9-513 – Termination Statement
(a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and: (1) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or […]
Section 9-514 – Assignment of Powers of Secured Party of Record
(a) Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party’s power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party. (b) Except as otherwise provided in subsection […]