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 9-601 – 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 […]