409.621 Notification of proposal to accept collateral. (1) Persons to which proposal to be sent. 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, […]
409.622 Effect of acceptance of collateral. (1) Effect of acceptance. 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 […]
409.623 Right to redeem collateral. (1) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) Requirements for redemption. To redeem collateral, a person shall tender: (a) Fulfillment of all obligations secured by the collateral; and (b) The reasonable expenses and attorney fees described in […]
409.624 Waiver. (1) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under s. 409.611 only by an agreement to that effect entered into and authenticated after default. (2) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under […]
409.625 Remedies for secured party’s failure to comply with chapter. (1) Judicial orders concerning noncompliance. 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) Damages for noncompliance. Subject to subs. […]
409.626 Action in which deficiency or surplus is in issue. (1) Applicable rules if amount of deficiency or surplus in issue. 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 […]
409.627 Determination of whether conduct was commercially reasonable. (1) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. 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 […]
409.628 Nonliability and limitation on liability of secured party; liability of secondary obligor. (1) Limitation of liability of secured party for noncompliance with chapter. 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 […]
