Section 440.9625 – Remedies for Secured Party’s Failure to Comply With Article.
440.9625 Remedies for secured party’s failure to comply with article. Sec. 9625. (1) If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (2) Subject to subsections (3), (4), and (6), a […]
Section 440.9626 – Action in Which Deficiency or Surplus Is in Issue.
440.9626 Action in which deficiency or surplus is in issue. Sec. 9626. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or […]
Section 440.9627 – Determination of Whether Conduct Was Commercially Reasonable.
440.9627 Determination of whether conduct was commercially reasonable. Sec. 9627. (1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from […]
Section 440.9628 – Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.
440.9628 Nonliability and limitation on liability of secured party; liability of secondary obligor. Sec. 9628. (1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person, both of the following apply: (a) The secured party is not liable […]