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 […]
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 […]