Rights of secured party after default. After default, a secured party has the rights provided in this part and, except as otherwise provided in Code Section 11-9-602, those provided by agreement of the parties. A secured party: May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien […]
Except as otherwise provided in Code Section 11-9-624, 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: Subparagraph (b)(4)(C) of Code Section 11-9-207, which deals with use and […]
Agreed standards. 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 Code Section 11-9-602 if the standards are not manifestly unreasonable. Agreed standards inapplicable to breach of peace. Subsection (a) of […]
Enforcement; personal and real property. If a security agreement covers both personal and real property, a secured party may proceed: Under this part as to the personal property without prejudicing any rights with respect to the real property; or As to both the personal property and the real property in accordance with the rights […]
A secured party does not owe a duty based on its status as secured party: To a person that is a debtor or obligor, unless the secured party knows: That the person is a debtor or obligor; The identity of the person; and How to communicate with the person; or To a secured party or […]
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. History. Code 1981, § 11-9-606 , enacted by Ga. L. 2001, p. 362, § 1.
Collection and enforcement generally. If so agreed, and in any event after default, a secured party: May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; May take any proceeds to which the secured party is entitled […]
Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under Code Section 11-9-607 in the following order to: The […]
Possession; rendering equipment unusable; disposition on debtor’s premises. After default, a secured party: May take possession of the collateral; and Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under Code Section 11-9-610. Judicial and nonjudicial process. A secured party may proceed under subsection (a) of this Code […]
Disposition after default. 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. Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, […]
“Notification date.” As used in this Code section, the term “notification date” means the earlier of the date on which: A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or The debtor and any secondary obligor waive the right to notification. Notification of disposition required. Except […]
Reasonable time is question of fact. Except as otherwise provided in subsection (b) of this Code section, whether a notification is sent within a reasonable time is a question of fact. Ten-day period sufficient in nonconsumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and […]
Except in a consumer goods transaction, the following rules apply: The contents of a notification of disposition are sufficient if the notification: Describes the debtor and the secured party; Describes the collateral that is the subject of the intended disposition; States the method of intended disposition; States that the debtor is entitled to an accounting […]
In a consumer goods transaction, the following rules apply: A notification of disposition must provide the following information: The information specified in paragraph (1) of Code Section 11-9-613; A description of any liability for a deficiency of the person to which the notification is sent; A telephone number from which the amount that must be […]
Application of proceeds. A secured party shall apply or pay over for application the cash proceeds of a disposition under Code Section 11-9-610 in the following order to: The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable […]
Definitions. As used in this Code section, the term: “Explanation” means a writing that: States the amount of the surplus or deficiency; Provides an explanation in accordance with subsection (c) of this Code section of how the secured party calculated the surplus or deficiency; States, if applicable, that future debits, credits, charges, including additional […]
Effects of disposition. A secured party’s disposition of collateral after default: Transfers to a transferee for value all of the debtor’s rights in the collateral; Discharges the security interest under which the disposition is made; and Discharges any subordinate security interest or other subordinate lien. Rights of good faith transferee. A transferee that […]
Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: Receives an assignment of a secured obligation from the secured party; Receives a transfer of collateral from the secured party and agrees to accept the rights and […]
“Transfer statement.” As used in this Code section, the term “transfer statement” means a record authenticated by a secured party stating: That the debtor has defaulted in connection with an obligation secured by specified collateral; That the secured party has exercised its postdefault remedies with respect to the collateral; That, by reason of the […]
Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g) of this Code section, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: The debtor consents to the acceptance under subsection (c) of this Code section; The secured party does not receive, within […]
