Section 336.9-620 — Acceptance Of Collateral In Full Or Partial Satisfaction Of Obligation; Compulsory Disposition Of Collateral.
336.9-620 ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL. (a) Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection […]
Section 336.9-621 — Notification Of Proposal To Accept Collateral.
336.9-621 NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL. (a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (1) any person from which the secured party has received, before the debtor consented to the acceptance, […]
Section 336.9-622 — Effect Of Acceptance Of Collateral.
336.9-622 EFFECT OF ACCEPTANCE OF COLLATERAL. (a) Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s rights in the collateral; (3) discharges the […]
Section 336.9-623 — Right To Redeem Collateral.
336.9-623 RIGHT TO REDEEM COLLATERAL. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorneys fees described in […]
Section 336.9-624 — Waiver.
336.9-624 WAIVER. (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 336.9-611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under […]
Section 336.9-619 — Transfer Of Record Or Legal Title.
336.9-619 TRANSFER OF RECORD OR LEGAL TITLE. (a) Transfer statement. (1) In this section, “transfer statement” means a record authenticated by a secured party stating: (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 with respect to the collateral; […]
Section 336.9-609 — Secured Party’s Right To Take Possession After Default.
336.9-609 SECURED PARTY’S RIGHT TO TAKE POSSESSION AFTER DEFAULT. (a) Possession; rendering equipment unusable; disposition on debtor’s premises. After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 336.9-610. (b) Judicial and nonjudicial process. A […]
Section 336.9-610 — Disposition Of Collateral After Default.
336.9-610 DISPOSITION OF COLLATERAL AFTER DEFAULT. (a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, […]
Section 336.9-611 — Notification Before Disposition Of Collateral.
336.9-611 NOTIFICATION BEFORE DISPOSITION OF COLLATERAL. (a) Notification date. In this section, “notification date” means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) the debtor and any secondary obligor waive the right to notification. (b) Notification of […]
Section 336.9-612 — Timeliness Of Notification Before Disposition Of Collateral.
336.9-612 TIMELINESS OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL. (a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) Ten-day period sufficient in nonconsumer transaction. In a transaction other than a consumer transaction, a notification of disposition […]