7-9A-610
Section 7-9A-610 Disposition of collateral after default. (a) 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. (b) Commercially reasonable disposition. Every aspect of a disposition of collateral,
including the method, manner, time, place, and other terms, must be commercially reasonable.
If commercially reasonable, a secured party may dispose of collateral by public or private
proceedings, by one or more contracts, as a unit or in parcels, and at any time and place
and on any terms. (c) Purchase by secured party. A secured party may purchase collateral:
(1) at a public disposition; or (2) at a private disposition only if the collateral is of
a kind that is customarily sold on a recognized market or the subject of widely distributed
standard price quotations. (d) Warranties on disposition. A contract for...
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7-2A-103
Section 7-2A-103 Definitions and index of definitions. (1) In this article unless the context
otherwise requires: (a) "Buyer in ordinary course of business" means a person who
in good faith and without knowledge that the sale to him or her is in violation of the ownership
rights or security interest or leasehold interest of a third party in the goods, buys in ordinary
course from a person in the business of selling goods of that kind but does not include a
pawnbroker. "Buying" may be for cash or by exchange of other property or on secured
or unsecured credit and includes receiving goods or documents of title under a pre-existing
contract for sale but does not include a transfer in bulk or as security for or in total or
partial satisfaction of a money debt. (b) "Cancellation" occurs when either party
puts an end to the lease contract for default by the other party. (c) "Commercial unit"
means such a unit of goods as by commercial usage is a single whole for purposes of lease
and...
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7-1-201
Section 7-1-201 General definitions. (a) [Reserved]. (b) Subject to additional definitions
contained in the subsequent articles of this title which are applicable to specific articles
or parts thereof, and unless the context otherwise requires, in this title: (1) "Action,"
in the sense of a judicial proceeding, includes recoupment, counterclaim, set-off, suit in
equity, and any other proceeding in which rights are determined. (2) "Aggrieved party"
means a party entitled to pursue a remedy. (3) "Agreement," as distinguished from
"contract," means the bargain of the parties in fact, as found in their language
or inferred from other circumstances, including course of performance, course of dealing,
or usage of trade as provided in Section 7-1-303. (4) "Bank" means a person engaged
in the business of banking and includes a savings bank, savings and loan association, credit
union, and trust company. (5) "Bearer" means a person in possession of a negotiable
instrument, document of title, or...
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7-9A-607
Section 7-9A-607 Collection and enforcement by secured party. (a) Collection and enforcement
generally. If so agreed, and in any event after default, a secured party: (1) 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; (2) may take any proceeds to which
the secured party is entitled under Section 7-9A-315; (3) may enforce the obligations of an
account debtor or other person obligated on collateral and exercise the rights of the debtor
with respect to the obligation of the account debtor or other person obligated on collateral
to make payment or otherwise render performance to the debtor, and with respect to any property
that secures the obligations of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under Section
7-9A-104(a)(1), may apply the balance of the deposit account to the...
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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this
article: (1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...

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7-9-504
Section 7-9-504 Secured party's right to dispose of collateral after default; effect of disposition.
Repealed by Act 2001-481, p. 647, § 4, effective January 1, 2002. (Acts 1965, No. 549, p.
811; Acts 1981, No. 81-312, p. 399.)...
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7-9A-609
Section 7-9A-609 Secured party's right to take possession after default. (a) Possession; rendering
equipment unusable; disposition on debtor's premises. After default, a secured party: (1)
may take possession of the collateral; and (2) without removal, may render equipment unusable
and dispose of collateral on a debtor's premises under Section 7-9A-610. (b) Judicial and
nonjudicial process. A secured party may proceed under subsection (a): (1) pursuant to judicial
process; or (2) without judicial process, if it proceeds without breach of the peace. (c)
Assembly of collateral. If so agreed, and in any event after default, a secured party may
require the debtor to assemble the collateral and make it available to the secured party at
a place to be designated by the secured party which is reasonably convenient to both parties.
(Act 2001-481, p. 647, §1.)...
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7-9A-207
Section 7-9A-207 Rights and duties of secured party having possession or control of collateral.
(a) Duty of care when secured party in possession. Except as otherwise provided in subsection
(d), a secured party shall use reasonable care in the custody and preservation of collateral
in the secured party's possession. In the case of chattel paper or an instrument, reasonable
care includes taking necessary steps to preserve rights against prior parties unless otherwise
agreed. (b) Expenses, risks, duties, and rights when secured party in possession. Except as
otherwise provided in subsection (d), if a secured party has possession of collateral: (1)
reasonable expenses, including the cost of insurance and payment of taxes or other charges,
incurred in the custody, preservation, use, or operation of the collateral are chargeable
to the debtor and are secured by the collateral; (2) the risk of accidental loss or damage
is on the debtor to the extent of a deficiency in any effective insurance...
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7-9A-620
Section 7-9A-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory
disposition of collateral. (a) Conditions to acceptance in satisfaction. Except as otherwise
provided in subsection (g), a secured party may accept collateral in full or partial satisfaction
of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection
(c); (2) the secured party does not receive, within the time set forth in subsection (d),
a notification of objection to the proposal authenticated by: (A) a person to which the secured
party was required to send a proposal under Section 7-9A-621; or (B) any other person, other
than the debtor, holding an interest in the collateral subordinate to the security interest
that is the subject of the proposal; (3) if the collateral is consumer goods, the collateral
is not in the possession of the debtor when the debtor consents to the acceptance; and (4)
subsection (e) does not require the secured party to...
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7-9A-402
Section 7-9A-402 Secured party not obligated on contract of debtor or in tort. The existence
of a security interest, agricultural lien, or authority given to a debtor to dispose of or
use collateral, without more, does not subject a secured party to liability in contract or
tort for the debtor's acts or omissions. (Act 2001-481, p. 647, §1.)...
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