Section 9-620 – Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral
(a) Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) The debtor consents to the acceptance under subsection (c); (2) The secured party does not receive, within the time set forth in subsection (d), a notification of objection to the proposal […]
Section 9-605 – Unknown Debtor or Secondary Obligor
A secured party does not owe a duty based on its status as secured party: (1) To a person that is a debtor or obligor, unless the secured party knows: (A) That the person is a debtor or obligor; (B) The identity of the person; and (C) How to communicate with the person; or (2) To a secured party or […]
Section 9-621 – Notification of Proposal to Accept Collateral
(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral; (2) Any other secured party […]
Section 9-606 – Time of Default for Agricultural Lien
For purposes of this subtitle, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
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 9-601 – Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes
(a) After default, a secured party has the rights provided in this subtitle and, except as otherwise provided in § 9-602, those provided by agreement of the parties. A secured party: (1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and (2) If the […]
Section 9-602 – Waiver and Variance of Rights and Duties
Except as otherwise provided in § 9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) § 9-207(b)(4)(C), which deals with use and operation of the collateral by […]