§ 36-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
167 words·~1 min read·
/sc/title-36-commercial-code/chapter-9/commercial-code-secured-transactions/36-9-620-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 36-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
(a)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 36-9-621; 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 dispose of the collateral or the debtor waives the requirement pursuant to