Section 6A-9-615.1. – Security interests — Cross collateral.
§ 6A-9-615.1. Security interests — Cross collateral. (a) In a credit transaction for the sale of consumer goods or services the creditor may, subject to the provisions on termination of security interests in subsections (b) and (c) of this section, take a security interest in property of the buyer in addition to the goods sold […]
Section 6A-9-616. – Explanation of calculation of surplus or deficiency.
§ 6A-9-616. Explanation of calculation of surplus or deficiency. (a) Definitions. In this section: (1) “Explanation” means a writing that: (i) States the amount of the surplus or deficiency; (ii) Provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (iii) States, if applicable, that future debits, […]
Section 6A-9-617. – Rights of transferee of collateral.
§ 6A-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 […]
Section 6A-9-618. – Rights and duties of certain secondary obligors.
§ 6A-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 […]
Section 6A-9-619. – Transfer of record or legal title.
§ 6A-9-619. Transfer of record or legal title. (a) “Transfer statement.” In this section, “transfer statement” means a record authenticated by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exercised its post-default remedies with respect to the collateral; […]
Section 6A-9-620. – Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
§ 6A-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 […]
Section 6A-9-621. – Notification of proposal to accept collateral.
§ 6A-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 […]
Section 6A-9-622. – Effect of acceptance of collateral.
§ 6A-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 […]
Section 6A-9-623. – Right to redeem collateral.
§ 6A-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 attorney’s fees described […]
Section 6A-9-624. – Waiver.
§ 6A-9-624. Waiver. (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under § 6A-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 […]