Section 623 – Right to redeem collateral.
70A-9a-623. Right to redeem collateral. (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender: (a) fulfillment of all obligations secured by the collateral; and (b) the reasonable expenses and attorney’s fees described in Subsection 70A-9a-615(1)(a). (3) A redemption may occur […]
Section 624 – Waiver.
70A-9a-624. Waiver. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 70A-9a-611 only by an agreement to that effect entered into and authenticated after default. (2) A debtor may waive the right to require disposition of collateral under Subsection 70A-9a-620(5) only by an agreement to that […]
Section 625 – Remedies for secured party’s failure to comply with chapter.
70A-9a-625. Remedies for secured party’s failure to comply with chapter. (1) 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. (2) Subject to Subsections (3), (4), and (5), a person is […]
Section 626 – Action in which deficiency or surplus is in issue.
70A-9a-626. Action in which deficiency or surplus is in issue. (1) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with the provisions of this part relating to […]
Section 627 – Determination of whether conduct was commercially reasonable.
70A-9a-627. Determination of whether conduct was commercially reasonable. (1) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that […]
Section 628 – Nonliability and limitation on liability of secured party — Liability of secondary obligor.
70A-9a-628. Nonliability and limitation on liability of secured party — Liability of secondary obligor. (1) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (a) the secured party is not liable to the person, or to a […]
Section 618 – Rights and duties of certain secondary obligors.
70A-9a-618. Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a) receives an assignment of a secured obligation from the secured party; (b) receives a transfer of collateral from the secured party and agrees to […]
Section 609 – Secured party’s right to take possession after default.
70A-9a-609. Secured party’s right to take possession after default. (1) After default, a secured party: (a) may take possession of the collateral; and (b) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under Section 70A-9a-610. (2) A secured party may proceed under Subsection (1): (a) pursuant to judicial process; […]
Section 610 – Disposition of collateral after default.
70A-9a-610. Disposition of collateral after default. (1) 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. (2) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, […]
Section 611 – Notification before disposition of collateral.
70A-9a-611. Notification before disposition of collateral. (1) In this section, “notification date” means the earlier of the date on which: (a) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (b) the debtor and any secondary obligor waive the right to notification. (2) Except as otherwise provided […]