§ 9—705. Effectiveness of action taken before effective date
§ 9—705. Effectiveness of action taken before effective date (a) If action, other than the filing of a financing statement, is taken before July 1, 2001 and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor, had the security interest become enforceable […]
§ 9—706. When initial financing statement suffices as continuation statement
§ 9—706. When initial financing statement suffices as continuation statement (a) The filing of an initial financing statement in the office specified in section 9—501 of this title as in effect on and after July 1, 2001, continues the effectiveness of a financing statement filed before July 1, 2001 for the period provided in section […]
§ 9—622. Effect of acceptance of collateral
§ 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 […]
§ 9—623. Right to redeem collateral
§ 9—623. Right to redeem collateral (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 subdivision 9—615(a)(1) of this title. (c) […]
§ 9—624. Waiver
§ 9—624. Waiver (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9—611 of this title 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 subsection 9—620(e) of this […]
§ 9—615. Application of proceeds of disposition; liability for deficiency and right to surplus
§ 9—615. Application of proceeds of disposition; liability for deficiency and right to surplus (a) A secured party shall apply or pay over for application the cash proceeds of disposition under section 9—610 of this title in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, […]
§ 9—616. Explanation of calculation of surplus or deficiency
§ 9—616. Explanation of calculation of 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 this section of how the secured party calculated the surplus or deficiency; (C) states, if applicable, that […]
§ 9—617. Rights of transferee of collateral
§ 9—617. Rights of transferee of collateral (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. (b) A […]
§ 9—618. Rights and duties of certain secondary obligors
§ 9—618. Rights and duties of certain secondary obligors (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 […]
§ 9—619. Transfer of record or legal title
§ 9—619. 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, […]