RCW 62A.9A-620
595 words·~3 min read·
/wa/title-62a/chapter-62a-9a/62a-9a-620·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Conditions to acceptance in satisfaction. 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)of this section;
(2)The secured party does not receive, within the time set forth in subsection
(d)of this section, a notification of objection to the proposal signed by:
(A)A person to which the secured party was required to send a proposal under RCW 62A.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; and
(3)Subsection
(e)of this section does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to RCW 62A.9A-624 .
(b)Purported acceptance ineffective. A purported or apparent acceptance of collateral under this section is ineffective unless:
(1)The secured party consents to the acceptance in a signed record or sends a proposal to the debtor; and
(2)The conditions of subsection
(a)of this section are met.
(c)Debtor's consent. For purposes of this section:
(1)A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default; and
(2)A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default or the secured party:
(A)Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;
(B)In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and
(C)Does not receive a notification of objection signed by the debtor within 20 days after the proposal is sent.
(d)Effectiveness of notification. To be effective under subsection (a)(2) of this section, a notification of objection must be received by the secured party:
(1)In the case of a person to which the proposal was sent pursuant to RCW 62A.9A-621 , within 20 days after notification was sent to that person; and
(2)In other cases:
(A)Within 20 days after the last notification was sent pursuant to RCW 62A.9A-621 ; or
(B)If a notification was not sent, before the debtor consents to the acceptance under subsection
(c)of this section.
(e)Mandatory disposition of consumer goods. A secured party that has taken possession of collateral shall dispose of the collateral pursuant to RCW 62A.9A-610 within the time specified in subsection
(f)of this section if:
(1)Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or
(2)Sixty percent of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.
(f)Compliance with mandatory disposition requirement. To comply with subsection
(e)of this section, the secured party shall dispose of the collateral:
(1)Within ninety days after taking possession; or
(2)Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and signed after default.
[ 2023 c 266 s 947 ; 2000 c 250 s 9A-620.]
Notes:
Construction — Effective date — 2023 c 266: See notes following RCW 62A.12-101 .