Section 440.9621 – Notification of Proposal to Accept Collateral.
440.9621 Notification of proposal to accept collateral. Sec. 9621. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of the following: (a) Any person from which the secured party has received, before the debtor consented to the acceptance, an […]
Section 440.9622 – Effect of Acceptance of Collateral.
440.9622 Effect of acceptance of collateral. Sec. 9622. (1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following: (a) Discharges the obligation to the extent consented to by the debtor. (b) Transfers to the secured party all of a debtor’s rights in the […]
Section 440.9623 – Right to Redeem Collateral.
440.9623 Right to redeem collateral. Sec. 9623. (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender both of the following: (a) Fulfillment of all obligations secured by the collateral. (b) The reasonable expenses and attorney fees described in section 9615(1)(a). […]
Section 440.9624 – Waiver.
440.9624 Waiver. Sec. 9624. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9611 only by an agreement to that effect entered into and authenticated after default. (2) A debtor may waive the right to require disposition of collateral under section 9620(5) only by an agreement […]
Section 440.9618 – Rights and Duties of Certain Secondary Obligors.
440.9618 Rights and duties of certain secondary obligors. Sec. 9618. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after all of the following: (a) The secondary obligor receives an assignment of a secured obligation from the secured party. (b) The secondary obligor receives a transfer […]
Section 440.9619 – Transfer of Record or Legal Title.
440.9619 Transfer of record or legal title. Sec. 9619. (1) As used in this section, “transfer statement” means a record authenticated by a secured party stating all of the following: (a) That the debtor has defaulted in connection with an obligation secured by specified collateral. (b) That the secured party has exercised its postdefault remedies […]
Section 440.9620 – Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.
440.9620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. Sec. 9620. (1) Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if all of the following are met: (a) The debtor consents to the […]
Section 440.9611 – Notification Before Disposition of Collateral.
440.9611 Notification before disposition of collateral. Sec. 9611. (1) As used in this section, “notification date” means the earlier of the date on which 1 of the following occurs: (a) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition. (b) The debtor and any secondary obligor waive the […]
Section 440.9612 – Timeliness of Notification Before Disposition of Collateral.
440.9612 Timeliness of notification before disposition of collateral. Sec. 9612. (1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact. (2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the […]
Section 440.9613 – Contents and Form of Notification Before Disposition of Collateral; Generally.
440.9613 Contents and form of notification before disposition of collateral; generally. Sec. 9613. Except in a consumer-goods transaction, the following rules apply: (a) The contents of a notification of disposition are sufficient if the notification does all of the following: (i) Describes the debtor and the secured party. (ii) Describes the collateral that is the […]