Section 336.9-627 — Determination Of Whether Conduct Was Commercially Reasonable.
336.9-627 DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE. (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. 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 […]
Section 336.9-628 — Nonliability And Limitation On Liability Of Secured Party; Liability Of Secondary Obligor.
336.9-628 NONLIABILITY AND LIMITATION ON LIABILITY OF SECURED PARTY; LIABILITY OF SECONDARY OBLIGOR. (a) Limitation of liability of secured party for noncompliance with article. 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: (1) the secured party […]
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 336.9-620 — 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 336.9-625 — Remedies For Secured Party’s Failure To Comply With Article.
336.9-625 REMEDIES FOR SECURED PARTY’S FAILURE TO COMPLY WITH ARTICLE. (a) Judicial orders concerning noncompliance. 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. (b) Damages for noncompliance losses. Subject to […]
Section 336.9-626 — Action In Which Deficiency Or Surplus Is In Issue.
336.9-626 ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE. (a) Applicable rules if amount of deficiency or surplus is in issue. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (1) A secured party need […]