Title 28, COMMERCIAL TRANSACTIONS

28-9-606. Time of default for agricultural lien. For purposes of this part, 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.

28-9-607. Collection and enforcement by secured party. (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 …

28-9-608. Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus. (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 …

28-9-609. Secured party’s right to take possession after default. (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 28-9-610. (b) A s…

28-9-610. Disposition of collateral after default. (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 d…

28-9-611. Notification before disposition of collateral. (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 seco…

28-9-612. Timeliness of notification before disposition of collateral. (a) Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact. (b) A notification of disposition sent after default and ten (…

28-9-613. Contents and form of notification before disposition of collateral — General. 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 secure…

28-9-614. Contents and form of notification before disposition of collateral — Consumer goods transaction. In a consumer goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: (A) The information specified in sectio…

28-9-615. Application of proceeds of disposition — Liability for deficiency and right to surplus. (a) A secured party shall apply or pay over for application the cash proceeds of disposition under section 28-9-610 in the following order to: (1) The reasonable expenses of retaking…

28-9-616. Explanation of calculation of surplus or deficiency. (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 c…

28-9-617. Rights of transferee of collateral. (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) Dis…

28-9-618. Rights and duties of certain secondary obligors. (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) Rece…

28-9-619. Transfer of record or legal title. (a) In this section, "transfer statement" means a record authenticated by a secured party stating: (1) That the debtor has defaulted in connection with an obligation secured by specified collateral; (2) That the secured party has exerc…

28-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral. (a) 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…

28-9-621. Notification of proposal to accept collateral. (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 cons…

28-9-622. Effect of acceptance of collateral. (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 …

28-9-623. Right to redeem collateral. (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 expense…

28-9-624. Waiver. (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 28-9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of…

28-9-625. Remedies for secured party’s failure to comply with chapter. (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 cond…

28-9-626. Action in which deficiency or surplus is in issue. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply: (a) A secured party need not prove compliance with the provisions of this part relating to c…

28-9-627. Determination of whether conduct was commercially reasonable. (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 …

28-9-628. Nonliability and limitation on liability of secured party — Liability of secondary obligor. (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 no…

28-9-702. Savings clause. (a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) Except as otherwise provided in subsection (c) of thi…

28-9-703. Security interest perfected before effective date. (a) A security interest that is enforceable immediately before this act takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under t…

28-9-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) Remains an enforceable security …

28-9-705. Effectiveness of action taken before effective date. (a) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lie…

28-9-706. When initial financing statement suffices to continue effectiveness of financing statement. (a) The filing of an initial financing statement in the office specified in section 28-9-501 continues the effectiveness of a financing statement filed before this act takes effe…

28-9-707. Amendment of preeffective-date financing statement. A person may file an initial financing statement or a continuation statement under this part if: (a) In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001. (b) A…

28-9-708. Persons entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under …

28-9-709. Priority. (a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former chapter 9, title 28, determines priority. (b) For purposes of section 28-9-322(a),…

28-9-802. savings clause. (a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) This act does not affect an action, case, or proceedi…

28-9-803. security interest perfected before effective date. (a) A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under this chapter as amended by this act if, when this act takes effect, the appli…

28-9-804. security interest unperfected before effective date. A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest: (1) Without further action, when this act takes effect if the applicable req…

28-9-805. effectiveness of action taken before effective date. (a) The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter as …

28-9-806. when initial financing statement suffices to continue effectiveness of financing statement. (a) The filing of an initial financing statement in the office specified in section 28-9-501, Idaho Code, continues the effectiveness of a financing statement filed before this a…

28-9-807. amendment of pre-effective-date financing statement. (a) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect. (b) After this act takes effect, a person may add or delete collateral covered by, continue…

28-9-808. person entitled to file initial financing statement or continuation statement. A person may file an initial financing statement or a continuation statement under this part if: (1) The secured party of record authorizes the filing; and (2) The filing is necessary under t…

28-9-809. priority. This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, this chapter as it existed before amendment determines priority.