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-9-613. – 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-9-614. – Contents and form of notification before disposition of collateral — Consumer-goods transaction.
§ 6A-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: (i) The information specified in § 6A-9-613(1); (ii) A description of any liability for a deficiency of the person to which the notification […]
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 […]