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 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 […]
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, […]