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 […]
Section 9-612 – Timeliness of Notification Before Disposition of Collateral
(a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) A notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
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 […]
Section 9-525 – Fees
(a) Except as otherwise provided in subsection (c), the fee for filing and indexing a record under this part, other than an initial financing statement of the kind described in § 9-502(c), is: (1) $25 if the record is communicated in writing and consists of eight or fewer pages; (2) $75 if the record is communicated in writing […]
Section 9-509 – Persons Entitled to File a Record
(a) A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if: (1) The debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c); or (2) The person holds an agricultural lien that has become […]