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-9-609. – Secured party’s right to take possession after default.
§ 6A-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 § 6A-9-610. (b) Judicial and nonjudicial process. […]
Section 6A-9-610. – Disposition of collateral after default.
§ 6A-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 […]
Section 6A-9-611. – Notification before disposition of collateral.
§ 6A-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 […]
Section 6A-9-612. – Timeliness of notification before disposition of collateral.
§ 6A-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) 10-day period sufficient in non-consumer transaction. In a transaction other than a consumer transaction, a notification of […]
Section 6A-9-601. – Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
§ 6A-9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (a) Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in § 6A-9-602, those provided by agreement of the parties. A secured […]
Section 6A-9-602. – Waiver and variance of rights and duties.
§ 6A-9-602. Waiver and variance of rights and duties. Except as otherwise provided in § 6A-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: (1) Section 6A-9-207(b)(4)(iii), […]
Section 6A-9-603. – Agreement on standards concerning rights and duties.
§ 6A-9-603. Agreement on standards concerning rights and duties. (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 6A-9-602 if the standards are not manifestly unreasonable. (b) Agreed standards […]