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 9-614 – 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 […]