Section 57A-9-707 – Pre-effective-date financing statement–Amendment, continuation, termination.
57A-9-707. Pre-effective-date financing statement–Amendment, continuation, termination. (a) In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2001. (b) After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in […]
Section 57A-9-622 – Effect of acceptance of collateral.
57A-9-622. Effect of acceptance of collateral. (a) 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 the security interest or agricultural lien that […]
Section 57A-9-623 – Persons who may redeem collateral–Procedure.
57A-9-623. Persons who may redeem collateral–Procedure. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) 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 in §57A-9-615(a)(1). (c) A redemption may occur at any […]
Section 57A-9-624 – Waiver of rights.
57A-9-624. Waiver of rights. (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under §57A-9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under §57A-9-620(e) only by an agreement to that […]
Section 57A-9-625 – Sanctions for failure to proceed in accordance with chapter–Liability for damages.
57A-9-625. Sanctions for failure to proceed in accordance with chapter–Liability for damages. (a) 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) Subject to subsections (c) and (d) a person […]
Section 57A-9-616 – “Explanation”–“Request”–Secured party’s obligation to send explanation relating to surplus or deficiency.
57A-9-616.”Explanation”–“Request”–Secured party’s obligation to send explanation relating to surplus or deficiency. (a) In this section: (1)”Explanation” means a writing that: (A)States the amount of the surplus or deficiency; (B)Provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C)States, if applicable, that future debits, credits, charges, including […]
Section 57A-9-617 – Rights of transferee of collateral disposed of after default.
57A-9-617. Rights of transferee of collateral disposed of after default. (a) 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 lien, other than […]
Section 57A-9-618 – Rights and duties of secondary obligor.
57A-9-618. Rights and duties of secondary obligor. (a) 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 from the secured party and agrees to accept the rights […]
Section 57A-9-619 – “Transfer statement”–Rights of transferee–Effect of transfer of record or legal title.
57A-9-619.”Transfer statement”–Rights of transferee–Effect of transfer of record or legal title. (a) 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; (3)That, […]
Section 57A-9-620 – Conditions for accepting collateral in full or partial satisfaction of obligation–Requirement that collateral be disposed of.
57A-9-620. Conditions for accepting collateral in full or partial satisfaction of obligation–Requirement that collateral be disposed of. (a) 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 subsection (c); (2)The secured party […]