Notification before disposition of collateral

(810 ILCS 5/9-611)     Sec. 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), a secured party that disposes of collateral under Section 9-610 shall send to the persons specified in subsection (c) a reasonable signed notification of disposition.     (c) Persons to be notified. To comply with subsection (b), 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,         10 days before the notification date, held a security interest in or other 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, 10 days before         the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Section 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 subsection (c)(3)(B). A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if:         (1) not later than 20 days or earlier than 30 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.(Source: P.A. 103-1036, eff. 1-1-25.)