Section 9-1611 - [Effective 7/1/2025] Notification before disposition of collateral(1). In this section, "notification date" means the earlier of the date on which: (a). A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or(b). The debtor and any secondary obligor waive the right to notification. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).] [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]
(2). Except as otherwise provided in subsection (4), a secured party that disposes of collateral under section 9-1610 shall send to the persons specified in subsection (3) a reasonable signed notification of disposition.(3). To comply with subsection (2), the secured party shall send a signed notification of disposition to: (b). Any secondary obligor; and(c). If the collateral is other than consumer goods: (i) Any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;(ii) Any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that: (A) Identified the collateral;(B) Was indexed under the debtor's name as of that date; and(C) Was filed in the appropriate office in which to file a financing statement against the debtor covering the collateral as of that date; and(iii) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation or treaty described in section 9-1311, subsection (1).(4). Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).]
(5). A secured party complies with the requirement for notification prescribed by subsection (3), paragraph (c), subparagraph (ii) if: (a). Not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (3), paragraph (c), subparagraph (ii); and [1999, c. 699, Pt. A, §2(NEW); 1999, c. 699, Pt. A, §4(AFF).](b). Before the notification date, the secured party:(i) Did not receive a response to the request for information; or(ii) Received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.Amended by 2024, c. 669,§ A-149, eff. 7/1/2025.Amended by 2024, c. 669,§ A-148, eff. 7/1/2025.Amended by 2024, c. 669,§ A-147, eff. 7/1/2025.Amended by 2024, c. 669,§ A-146, eff. 7/1/2025.1999, c. 699, §A2 (NEW) . 1999, c. 699, §A4 (AFF) .This section is set out more than once due to postponed, multiple, or conflicting amendments.