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 […]
Section 336.9-613 — Contents And Form Of Notification Before Disposition Of Collateral: General.
336.9-613 CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL: GENERAL. Except in a consumer goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C) […]
Section 336.9-614 — Contents And Form Of Notification Before Disposition Of Collateral: Consumer Goods Transaction.
336.9-614 CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL: CONSUMER GOODS TRANSACTION. In a consumer goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) the information specified in section 336.9-613(1); (B) a description of any liability for a deficiency of the person to which the notification […]
Section 336.9-615 — Application Of Proceeds Of Disposition; Liability For Deficiency And Right To Surplus.
336.9-615 APPLICATION OF PROCEEDS OF DISPOSITION; LIABILITY FOR DEFICIENCY AND RIGHT TO SURPLUS. (a) Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of disposition under section 336.9-610 in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to […]
Section 336.9-616 — Explanation Of Calculation Of Surplus Or Deficiency.
336.9-616 EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY. (a) Definitions. In this section: (1) “Explanation” means a writing that: (A) states the amount of the surplus or deficiency; (B) provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C) states, if applicable, that future debits, credits, […]
Section 336.9-617 — Rights Of Transferee Of Collateral.
336.9-617 RIGHTS OF TRANSFEREE OF COLLATERAL. (a) Effects of disposition. A secured party’s disposition of collateral after default: (1) transfers to a transferee for value all of the debtor’s rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any subordinate security interest or other subordinate lien. […]
Section 336.9-618 — Rights And Duties Of Certain Secondary Obligors.
336.9-618 RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS. (a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from […]