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 […]
Section 6A-9-625. – Remedies for secured party’s failure to comply with chapter.
§ 6A-9-625. Remedies for secured party’s failure to comply with chapter. (a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Damages for noncompliance. Subject to […]
Section 6A-9-626. – Action in which deficiency or surplus is in issue.
§ 6A-9-626. Action in which deficiency or surplus is in issue. (a) Applicable rules if amount of deficiency or surplus 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 […]
Section 6A-9-627. – Determination of whether conduct was commercially reasonable.
§ 6A-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 […]
Section 6A-9-613. – Contents and form of notification before disposition of collateral — General.
§ 6A-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: (i) Describes the debtor and the secured party; (ii) Describes the collateral that is the subject of the intended disposition; […]
Section 6A-9-628. – Nonliability and limitation on liability of secured party; liability of secondary obligor.
§ 6A-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor. (a) Limitation of liability of secured party for noncompliance with chapter. 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 […]