7-9A-615
Section 7-9A-615 Application of proceeds of disposition; liability for deficiency and right
to surplus. (a) Application of proceeds. A secured party shall apply or pay over for application
the cash proceeds of disposition under Section 7-9A-610 in the following order to: (1) 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 attorney's
fees and legal expenses incurred by the secured party; (2) the satisfaction of obligations
secured by the security interest or agricultural lien under which the disposition is made;
(3) the satisfaction of obligations secured by any subordinate security interest in or other
subordinate lien on the collateral if: (A) the secured party receives from the holder of the
subordinate security interest or other lien an authenticated demand for proceeds before distribution
of the proceeds is completed; and (B) in a case in which a...
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7-9A-614
Section 7-9A-614 Contents and form of notification before disposition of collateral: Consumer-goods
transaction. In a consumer-goods transaction, the following rules apply: (1) A notification
of disposition must provide the following information: (A) the information specified in Section
7-9A-613(1); (B) a description of any liability for a deficiency of the person to which the
notification is sent; (C) a telephone number from which the amount that must be paid to the
secured party to redeem the collateral under Section 7-9A-623 is available; and (D) a telephone
number or mailing address from which additional information concerning the disposition and
the obligation secured is available. (2) A particular phrasing of the notification is not
required. (3) The following form of notification, when completed, provides sufficient information:
Name and address of secured party Date NOTICE OF OUR PLAN TO SELL PROPERTY Name and address
of any obligor who is also a debtor Subject: ___...
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8-9B-9
Section 8-9B-9 Defenses, liability, and protection of transferee. (a) A transfer is not voidable
under Section 8-9B-5(a)(1) against a person that took in good faith and for a reasonably equivalent
value given the debtor or against any subsequent transferee that took in good faith. (b) To
the extent a transfer is avoidable in an action by a creditor under Section 8-9B-8(a)(1),
the following rules apply: (1) Except as otherwise provided in this section, the creditor
may recover judgment for the value of the asset transferred, as adjusted under subsection
(c), or the amount necessary to satisfy the creditor's claim, whichever is less. The judgment
may be entered against: (i) the first transferee of the asset or the person for whose benefit
the transfer was made; or (ii) any subsequent transferee, other than: (A) a good-faith transferee
that took for value; or (B) a subsequent transferee of a person described in clause (A). (2)
Recovery pursuant to Section 8-9B-8(a)(1) or (b) of or from...
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7-9A-617
Section 7-9A-617 Rights of transferee of collateral. (a) Effects of disposition. 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) Rights of good-faith transferee. A transferee that acts in good faith takes free
of the rights and interests described in subsection (a), even if the secured party fails to
comply with this article or the requirements of any judicial proceeding. (c) Rights of other
transferee. If a transferee does not take free of the rights and interests described in subsection
(a), the transferee takes the collateral subject to: (1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and (3)
any other security interest or other lien. (Act 2001-481, p....
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7-9A-313
Section 7-9A-313 When possession by or delivery to secured party perfects security interest
without filing. (a) Perfection by possession or delivery. Except as otherwise provided in
subsection (b), a secured party may perfect a security interest in tangible negotiable documents,
goods, instruments, money, or tangible chattel paper by taking possession of the collateral.
A secured party may perfect a security interest in certificated securities by taking delivery
of the certificated securities under Section 7-8-301. (b) Goods covered by certificate of
title. With respect to goods covered by a certificate of title issued by this State, a secured
party may perfect a security interest in the goods by taking possession of the goods only
in the circumstances described in Section 7-9A-316(d). (c) Collateral in possession of person
other than debtor. With respect to collateral other than certificated securities and goods
covered by a document, a secured party takes possession of collateral in...
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7-9A-208
Section 7-9A-208 Additional duties of secured party having control of collateral. (a) Applicability
of section. This section applies to cases in which there is no outstanding secured obligation
and the secured party is not committed to make advances, incur obligations, or otherwise give
value. (b) Duties of secured party after receiving demand from debtor. Within 10 days after
receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit
account under Section 7-9A-104(a)(2) shall send to the bank with which the deposit account
is maintained an authenticated statement that releases the bank from any further obligation
to comply with instructions originated by the secured party; (2) a secured party having control
of a deposit account under Section 7-9A-104(a)(3) shall: (A) pay the debtor the balance on
deposit in the deposit account; or (B) transfer the balance on deposit into a deposit account
in the debtor's name; (3) a secured party, other than a...
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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-209
Section 7-9A-209 Duties of secured party if account debtor has been notified of assignment.
(a) Applicability of section. Except as otherwise provided in subsection (c), this section
applies if: (1) there is no outstanding secured obligation; and (2) the secured party is not
committed to make advances, incur obligations, or otherwise give value. (b) Duties of secured
party after receiving demand from debtor. Within 10 days after receiving an authenticated
demand by the debtor, a secured party shall send to an account debtor that has received notification
of an assignment to the secured party as assignee under Section 7-9A-406(a) an authenticated
record that releases the account debtor from any further obligation to the secured party.
(c) Inapplicability to sales. This section does not apply to an assignment constituting the
sale of an account, chattel paper, or payment intangible. (d) Authenticated demand. In this
section, "authenticated demand" means a record authenticated by the...
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7-9A-210
Section 7-9A-210 Request for accounting; request regarding list of collateral or statement
of account. (a) Definitions. In this section: (1) "Request" means a record of a
type described in paragraph (2), (3), or (4). (2) "Request for an accounting" means
a record authenticated by a debtor requesting that the recipient provide an accounting of
the unpaid obligations secured by collateral and reasonably identifying the transaction or
relationship that is the subject of the request. (3) "Request regarding a list of collateral"
means a record authenticated by a debtor requesting that the recipient approve or correct
a list of what the debtor believes to be the collateral securing an obligation and reasonably
identifying the transaction or relationship that is the subject of the request. (4) "Request
regarding a statement of account" means a record authenticated by a debtor requesting
that the recipient approve or correct a statement indicating what the debtor believes to be
the aggregate...
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7-9A-104
Section 7-9A-104 Control of deposit account. (a) Requirements for control. A secured party
has control of a deposit account if: (1) the secured party is the bank with which the deposit
account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated
record that the bank will comply with instructions originated by the secured party directing
disposition of the funds in the deposit account without further consent by the debtor; or
(3) the secured party becomes the bank's customer with respect to the deposit account. (b)
Debtor's right to direct disposition. A secured party that has satisfied subsection (a) has
control, even if the debtor retains the right to direct the disposition of funds from the
deposit account. (Act 2001-481, p. 647, §1.)...
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