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 619 – Transfer of record or legal title.
70A-9a-619. Transfer of record or legal title. (1) In this section, “transfer statement” means a record authenticated by a secured party stating: (a) that the debtor has defaulted in connection with an obligation secured by specified collateral; (b) that the secured party has exercised its post-default remedies with respect to the collateral; (c) that, by […]
Section 620 – Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral.
70A-9a-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral. (1) Except as otherwise provided in Subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a) the debtor consents to the acceptance under Subsection (3); (b) the secured […]
Section 621 – Notification of proposal to accept collateral.
70A-9a-621. Notification of proposal to accept collateral. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: (a) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of […]
Section 622 – Effect of acceptance of collateral.
70A-9a-622. Effect of acceptance of collateral. (1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (a) discharges the obligation to the extent consented to by the debtor; (b) transfers to the secured party all of a debtor’s rights in the collateral; (c) discharges the security interest or […]