Title 47, Uniform Commercial Code

For purposes of this article, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.

A. If so agreed, and in any event after default, a secured party: 1. May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; 2. May take any proceeds to which the secured part…

A. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: 1. A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 47-9607 in the following order to: (a…

A. 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 47-9610. B. A secured party may proceed under subsection A of this section: 1. Pursuan…

A. After default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. B. Every aspect of a disposition of collateral, including the method, manne…

A. 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 an authenticated notification of disposition; or 2. The debtor and any secondary obligor waive the right to notification. B. Except as …

A. Except as otherwise provided in subsection B, whether a notification is sent within a reasonable time is a question of fact. B. In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of…

Except in a consumer goods transaction, the following rules apply: 1. The contents of a notification of disposition are sufficient if the notification: (a) Describes the debtor and the secured party; (b) Describes the collateral that is the subject of the intended disposition; (c…

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 47-9613, paragraph 1; (b) A description of any liability for a deficiency of the person to which the notif…

A. A secured party shall apply or pay over for application the cash proceeds of disposition under section 47-9610 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 ag…

A. In this section: 1. "Explanation" means a writing that: (a) States the amount of the surplus or deficiency; (b) Provides an explanation in accordance with subsection C of this section of how the secured party calculated the surplus or deficiency; (c) States, if applicable, tha…

A. 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…

A. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: 1. Receives an assignment of a secured obligation from the secured party; 2. Receives a transfer of collateral from the secured party and agree…

A. In this section, "transfer statement" means a record authenticated by a secured party and stating: 1. That the debtor has defaulted in connection with an obligation secured by specified collateral; 2. That the secured party has exercised its postdefault remedies with respect t…

A. Except as otherwise provided in subsection G of this section, 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 …

A. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: 1. Any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a…

A. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: 1. Discharges the obligation to the extent consented to by the debtor; 2. Transfers to the secured party all of a debtor's rights in the collateral; 3. Discharges the secur…

A. A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. B. To redeem collateral, a person shall tender: 1. Fulfillment of all obligations secured by the collateral; and 2. The reasonable expenses and attorney fees described in section 47…

A. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 47-9611 only by an agreement to that effect entered into and authenticated after default. B. A debtor may waive the right to require disposition of collateral under sec…

A. If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. B. Subject to subsections C, D and F of this section, a person i…

A. In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply: 1. A secured party need not prove compliance with the provisions of this article relating to collection, enforceme…

A. The fact that a greater amount could have been obtained by a collection, enforcement, disposition or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that…

A. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person and knows how to communicate with the person: 1. The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against …

This chapter, as added in 1999, takes effect on July 1, 2001.

A. Except as otherwise provided in this article, this chapter, as added in 1999, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001. B. Except as otherwise provided in subsection C of this section and…

A. A security interest that is enforceable immediately before July 1, 2001 and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter, as added in 1999, if, on July 1, 2001, the applicable requ…

A security interest that is enforceable immediately before July 1, 2001 but that would be subordinate to the rights of a person that becomes a lien creditor at that time: 1. Remains an enforceable security interest for one year after July 1, 2001; 2. Remains enforceable thereafte…

A. If action, other than the filing of a financing statement, is taken before July 1, 2001 and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before July 1, 20…

A. The filing of an initial financing statement in the office specified in section 47-9501 continues the effectiveness of a financing statement filed before July 1, 2001 if: 1. The filing of an initial financing statement in that office would be effective to perfect a security in…

A. In this section, "pre-effective-date financing statement" means a financing statement filed before July 1, 2001. B. After July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in,…

A person may file an initial financing statement or a continuation statement under this article if: 1. The secured party of record authorizes the filing; and 2. The filing is necessary under this article: (a) To continue the effectiveness of a financing statement filed before Jul…

A. This chapter, as added in 1999, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, chapter 9 of this title as it existed before July 1, 2001 determines priority. B. For purposes o…

A. Except as otherwise provided in this chapter, as amended in 2014, this chapter, as amended in 2014, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the effective date of this section. B. This chapter, as ame…

A. A security interest that is a perfected security interest immediately before the effective date of this section is a perfected security interest under this chapter, as amended in 2014, if, on the effective date of this section, the applicable requirements for attachment and pe…

A security interest that is an unperfected security interest immediately before the effective date of this section becomes a perfected security interest: 1. Without further action, on the effective date of this section if the applicable requirements for perfection under this chap…

A. The filing of a financing statement before the effective date of this section is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter, as amended in 2014. B. This chapter, as amended in 20…

A. The filing of an initial financing statement in the office specified in section 47-9501 continues the effectiveness of a financing statement filed before the effective date of this section if: 1. The filing of an initial financing statement in that office would be effective to…

A. In this section, "pre-effective date financing statement" means a financing statement filed before the effective date of this section. B. Beginning on the effective date of this section, a person may add or delete collateral covered by, continue or terminate the effectiveness …

A person may file an initial financing statement or a continuation statement under this article if: 1. The secured party of record authorizes the filing; and 2. The filing is necessary under this article: (a) To continue the effectiveness of a financing statement filed before the…

This chapter, as amended in 2014, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the effective date of this section, this chapter, as added in 1999, determines priority.