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 […]
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 9-520 – Acceptance and Refusal to Accept Record
(a) A filing office shall refuse to accept a record for filing for a reason set forth in § 9-516(b) and may refuse to accept a record for filing only for a reason set forth in § 9-516(b). (b) If a filing office refuses to accept a record for filing, it shall communicate to the person that […]
Section 9-521 – Uniform Form of Written Financing Statement and Amendment
A filing office that accepts written records may not refuse to accept a written initial financing statement, addendum, or amendment in the form and format set forth in the official text of the 2010 amendments to Article 9 of the Uniform Commercial Code promulgated by the American Law Institute and the Uniform Law Commission, except […]
Section 9-522 – Maintenance and Destruction of Records
(a) 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 § 9-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by […]
Section 9-523 – Information From Filing Office; Sale or License of Records
(a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to § 9-519(a)(1) and the date and time of the filing of the record. However, if the person furnishes a […]
Section 9-508 – Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement
(a) Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral. (b) If the […]