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 […]
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 440.9601 – Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes.
440.9601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. Sec. 9601. (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9602, those provided by agreement of the parties. A secured party may do 1 or […]
Section 440.9602 – Waiver and Variance of Rights and Duties.
440.9602 Waiver and variance of rights and duties. Sec. 9602. Except as otherwise provided in section 9624, 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: (a) Section […]