Section 6A-9-615. – Application of proceeds of disposition; liability for deficiency and right to surplus.
§ 6A-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 § 6A-9-610 in the following order to: (1) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, […]
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-9-606. – Time of default for agricultural lien.
§ 6A-9-606. Time of default for agricultural lien. For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History of Section.P.L. 2000, ch. 182, § 6; P.L. 2000, ch. […]
Section 6A-9-607. – Collection and enforcement by secured party.
§ 6A-9-607. Collection and enforcement by secured party. (a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) May […]
Section 6A-9-608. – Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
§ 6A-9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. (a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application […]