RS 10:9-611
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RS 10:9-611
§9-611. Notification before disposition of collateral
(a)"Notification date." In this Section, "notification date" means the earlier of the date on which:
(1)a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or
(2)the debtor and any secondary obligor waive the right to notification.
(b)Notification of disposition required. Except as otherwise provided in Subsection
(d)of this Section, a secured party that disposes of collateral under R.S. 10:9-610 shall send to the persons specified in Subsection
(c)of this Section a reasonable signed notification of disposition.
(c)Persons to be notified. To comply with Subsection
(b)of this Section, the secured party shall send a signed notification of disposition to:
(1)the debtor;
(2)any secondary obligor; and
(3)if the collateral is other than consumer goods:
(A)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;
(B)any other secured party or lienholder that, ten days before the notification date, held a security interest in or lien on the collateral perfected by the filing of a financing statement that:
(i)identified the collateral;
(ii)was indexed under the debtor's name as of that date; and
(iii)was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C)any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in R.S. 10:9-311(a).
(d)Subsection
(b)inapplicable: perishable collateral; recognized market. Subsection
(b)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.
(e)Compliance with Subparagraph (c)(3)(B). A secured party complies with the requirement for notification prescribed by Subparagraph (c)(3)(B) of this Section if:
(1)not later than twenty days or earlier than thirty 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 (c)(3)(B); and
(2)before the notification date, the secured party:
(A)did not receive a response to the request for information; or
(B)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.
Acts 2001, No. 128, §1, eff. July 1, 2001; Acts 2024, No. 773, §1.