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 440.9613 – 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 […]
Section 440.9614 – Contents and Form of Notification Before Disposition of Collateral; Consumer-Goods Transaction.
440.9614 Contents and form of notification before disposition of collateral; consumer-goods transaction. Sec. 9614. In a consumer-goods transaction, the following rules apply: (a) A notification of disposition must provide all of the following information: (i) The information specified in section 9613(a). (ii) A description of any liability for a deficiency of the person to which […]
Section 440.9615 – Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus.
440.9615 Application of proceeds of disposition; liability for deficiency and right to surplus. Sec. 9615. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under section 9610 in the following order: (a) To the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the […]
Section 440.9616 – Explanation of Calculation of Surplus or Deficiency.
440.9616 Explanation of calculation of surplus or deficiency. Sec. 9616. (1) As used in this section: (a) “Explanation” means a writing that does all of the following: (i) States the amount of the surplus or deficiency. (ii) Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficiency. […]
Section 440.9617 – Rights of Transferee of Collateral.
440.9617 Rights of transferee of collateral. Sec. 9617. (1) A secured party’s disposition of collateral after default does all of the following: (a) Transfers to a transferee for value all of the debtor’s rights in the collateral. (b) Discharges the security interest under which the disposition is made. (c) Discharges any subordinate security interest or […]
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 […]