Section 612 – Timeliness of notification before disposition of collateral.
70A-9a-612. Timeliness of notification before disposition of collateral. (1) Except as otherwise provided in Subsection (2), whether a notification is sent within a reasonable time is a question of fact. (2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time […]
Section 613 – Contents and form of notification before disposition of collateral — General.
70A-9a-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: (a) describes the debtor and the secured party; (b) describes the collateral that is the subject of the intended disposition; (c) […]
Section 614 – Contents and form of notification before disposition of collateral — Consumer-goods transaction.
70A-9a-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: (a) the information specified in Subsection 70A-9a-613(1); (b) a description of any liability for a deficiency of the person to which the notification is […]
Section 615 – Application of proceeds of disposition — Liability for deficiency and right to surplus.
70A-9a-615. Application of proceeds of disposition — Liability for deficiency and right to surplus. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under Section 70A-9a-610 in the following order to: (a) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent […]
Section 616 – Explanation of calculation of surplus or deficiency.
70A-9a-616. Explanation of calculation of surplus or deficiency. (1) In this section: (a) “Explanation” means a writing that: (i) states the amount of the surplus or deficiency; (ii) provides an explanation in accordance with Subsection (3) of how the secured party calculated the surplus or deficiency; (iii) states, if applicable, that future debits, credits, charges, […]
Section 617 – Rights of transferee of collateral.
70A-9a-617. Rights of transferee of collateral. (1) A secured party’s disposition of collateral after default: (a) transfers to a transferee for value all of the debtor’s rights in the collateral; (b) discharges the security interest under which the disposition is made; and (c) discharges any subordinate security interest or other subordinate lien. (2) A transferee […]
Section 602 – Waiver and variance of rights and duties.
70A-9a-602. Waiver and variance of rights and duties. Except as otherwise provided in Section 70A-9a-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) Subsection 70A-9a-207(2)(d)(iii), which […]
Section 603 – Agreement on standards concerning rights and duties.
70A-9a-603. Agreement on standards concerning rights and duties. (1) 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 Section 70A-9a-602 if the standards are not manifestly unreasonable. (2) Subsection (1) does not apply […]
Section 604 – Procedure if security agreement covers real property or fixtures.
70A-9a-604. Procedure if security agreement covers real property or fixtures. (1) If a security agreement covers both personal and real property, a secured party may proceed: (a) under this part as to the personal property without prejudicing any rights with respect to the real property; or (b) as to both the personal property and the […]
Section 605 – Unknown debtor or secondary obligor.
70A-9a-605. Unknown debtor or secondary obligor. A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (a) that the person is a debtor or obligor; (b) the identity of the person; and (c) how to […]