US Lawyer Database

Section 34.1-9-622 – Effect of Acceptance of Collateral.

34.1-9-622. Effect of acceptance of collateral. (a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (i) Discharges the obligation to the extent consented to by the debtor; (ii) Transfers to the secured party all of a debtor’s rights in the collateral; (iii) Discharges the security interest or […]

Section 34.1-9-609 – Secured Party’s Right to Take Possession After Default.

34.1-9-609. Secured party’s right to take possession after default. (a) After default, a secured party: (i) May take possession of the collateral; and (ii) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 34.1-9-610. (b) A secured party may proceed under subsection (a): (i) Pursuant to judicial process; […]

Section 34.1-9-610 – Disposition of Collateral After Default.

34.1-9-610. Disposition of collateral after default. (a) 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. (b) Every aspect of a disposition of collateral, including the method, manner, time, place and other terms, […]

Section 34.1-9-611 – Notification Before Disposition of Collateral.

34.1-9-611. Notification before disposition of collateral. (a) In this section, “notification date” means the earlier of the date on which: (i) A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (ii) The debtor and any secondary obligor waive the right to notification. (b) Except as otherwise provided […]

Section 34.1-9-612 – Timeliness of Notification Before Disposition of Collateral.

34.1-9-612. Timeliness of notification before disposition of collateral. (a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten (10) days or more before the earliest […]

Section 34.1-9-614 – Contents and Form of Notification Before Disposition of Collateral: Consumer-Goods Transaction.

34.1-9-614. Contents and form of notification before disposition of collateral: consumer-goods transaction. (a) In a consumer-goods transaction, the following rules apply: (i) A notification of disposition must provide the following information: (A) The information specified in section 34.1-9-613(a)(i); (B) A description of any liability for a deficiency of the person to which the notification is […]

Section 34.1-9-616 – Explanation of Calculation of Surplus or Deficiency.

34.1-9-616. Explanation of calculation of surplus or deficiency. (a) In this section: (i) “Explanation” means a writing that: (A) States the amount of the surplus or deficiency; (B) Provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency; (C) States, if applicable, that future debits, credits, charges, […]