Title 11, Title 11

(1). The Secretary of State shall adopt and publish rules to implement this Article. The filing-office rules must be: (a). Consistent with this Article; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Adopted and published in accordance with Title 5…

(1). After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9‑1602, those provided by agreement of the parties. A secured party: (a). May reduce a claim to judgment or foreclose or otherwise enforce the claim, security int…

Except as otherwise provided in section 9‑1624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 19…

(1). The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in section 9‑1602 if the standards are not manifestly unreasonable. (2). Subsection (1) does not apply to…

(1). If a security agreement covers both personal and real property, a secured party may proceed: (a). Under this part as to the personal property without prejudicing any rights with respect to the real property; or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (A…

Except as provided in this section, a secured party does not owe a duty based on its status as secured party: [PL 2023, c. 669, Pt. A, §144 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (1). To a person that is a debtor or obligor unless the secured party knows: (a). That the person …

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.

(1). If so agreed, and in any event after default, a secured party: (a). 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; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c.…

(1). If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply. (a). A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under section 9‑1607 in the following order to:…

(1). After default, a secured party: (a). May take possession of the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 9‑1610. [P…

(1). 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. (2). Every aspect of a disposition of collateral, including the method, m…

(1). In this section, "notification date" means the earlier of the date on which: (a). A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or [PL 2023, c. 669, Pt. A, §146 (AMD); PL 2023, c. 669, Pt. E, §1 (AFF).] (b). The debtor an…

(1). Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact. (2). In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest ti…

Except in a consumer-goods transaction, the following rules apply. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (1). The contents of a notification of disposition are sufficient if the notification: (a). Describes the debtor and the secured party; [PL 199…

In a consumer-goods transaction, the following rules apply. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (1). A notification of disposition must provide the following information: (a). The information specified in section 9‑1613, subsection (1); [PL 1999,…

(1). A secured party shall apply or pay over for application the cash proceeds of disposition under section 9‑1610 in the following order to: (a). The reasonable expenses of retaking, holding, preparing for disposition, processing and disposing and, to the extent provided for by …

(1). In this section: (a). "Explanation" means a record that: (i) States the amount of the surplus or deficiency; (ii) Provides an explanation in accordance with subsection (3) of how the secured party calculated the surplus or deficiency; (iii) States, if applicable, that future…

(1). A secured party's disposition of collateral after default: (a). Transfers to a transferee for value all of the debtor's rights in the collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Discharges the security interest under which the dispo…

(1). A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (a). Receives an assignment of a secured obligation from the secured party; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AF…

(1). In this section, "transfer statement" means a record signed by a secured party stating: (a). That the debtor has defaulted in connection with an obligation secured by specified collateral; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 2023, c. 699, Pt. A, §4 (AFF).] (b). That the se…

(1). Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a). The debtor consents to the acceptance under subsection (3); [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt…

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

(1). A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (a). Discharges the obligation to the extent consented to by the debtor; [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (b). Transfers to the secur…

(1). A debtor, any secondary obligor or any other secured party or lienholder may redeem collateral. (2). To redeem collateral, a person shall tender: (a). Fulfillment of all obligations secured by the collateral; and [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 …

(1). A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 9‑1611 only by an agreement to that effect entered into and signed after default. (2). A debtor may waive the right to require disposition of collateral under section…

(1). If it is established that a secured party is not proceeding in accordance with this Article, a court may order or restrain collection, enforcement or disposition of collateral on appropriate terms and conditions. (2). Subject to subsections (3), (4) and (6), a person is liab…

(1). 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. (a). A secured party need not prove compliance with the provisions of this part relating to collection, enforcem…

(1). 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 th…

(1). Subject to subsection (6), 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: (a). The secured party is not liable to the person or to a secured party or lienholder that has filed …

This Article takes effect on July 1, 2001.

(1). Except as otherwise provided in this part, this Article applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this Article takes effect. (2). Except as otherwise provided in subsection (3) and sections 9‑1703 to…

(1). A security interest that is enforceable immediately before this Article 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 this Article if, when this Article takes effect, the appl…

A security interest that is enforceable immediately before this Article takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (1). Remains an enforceab…

(1). If action, other than the filing of a financing statement, is taken before this Article takes effect 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 be…

(1). The filing of an initial financing statement in the office specified in section 9‑1501 continues the effectiveness of a financing statement filed before this Article takes effect if: (a). The filing of an initial financing statement in that office would be effective to perfe…

(1). In this section, "preeffective-date financing statement" means a financing statement filed before this Article takes effect. (2). After this Article takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend…

A person may file an initial financing statement or a continuation statement under this part if: [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).] (1). The secured party of record authorizes the filing; and (2). The filing is necessary under this part: (a). To…

(1). This Article determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this Article takes effect, former Article 9 determines priority. (2). For purposes of section 9‑1322, subsection (1), the prior…