Section 9-623 – Right to Redeem Collateral
(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) Fulfillment of all obligations secured by the collateral; and (2) The reasonable expenses and attorney’s fees described in § 9-615(a)(1). (c) A redemption may occur at any time before a secured party: (1) Has collected collateral […]
Section 9-624 – Waiver
(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under § 9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under § 9-620(e) only by an agreement to that effect entered into and […]
Section 9-625 – Remedies for Secured Party’s Failure to Comply With Title
(a) If it is established that a secured party is not proceeding in accordance with this title, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Subject to subsections (c) and (d), a person is liable for damages in the amount of any loss caused by a failure […]
Section 9-626 – Action in Which Deficiency or Surplus Is in Issue
In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need not prove compliance with the provisions of this subtitle relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party’s compliance […]
Section 9-627 – Determination of Whether Conduct Was Commercially Reasonable
(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in […]
Section 9-628 – Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor
(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to […]
Section 9-618 – Rights and Duties of Certain Secondary Obligors
(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) Receives an assignment of a secured obligation from the secured party; (2) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; […]
Section 9-603 – Agreement on Standards Concerning Rights and Duties
(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 9-602 if the standards are not manifestly unreasonable. (b) Subsection (a) does not apply to the duty under § 9-609 to refrain from breaching […]
Section 9-619 – Transfer of Record or Legal Title
(a) In this section, “transfer statement” means a record authenticated by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exercised its post-default remedies with respect to the collateral; (3) That, by reason of the exercise, a transferee has acquired the rights of […]
Section 9-604 – Procedure if Security Agreement Covers Real Property or Fixtures
(a) If a security agreement covers both personal and real property, a secured party may proceed: (1) Under this subtitle as to the personal property without prejudicing any rights with respect to the real property; or (2) As to both the personal property and the real property in accordance with the rights with respect to the real property, […]