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 9-613 – 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 9-618 – 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, […]