Title 75, Regulation of Trade, Commerce and Investments

(a) If a security agreement covers both personal and real property, a secured party may proceed:(1) Under this part as to the personal property without prejudicing any rights with respect to the real property; or(2) As to both the personal property and the real property in accord…

(1) A secured party does not owe a duty based on its status as secured party:(1) To a person that is a debtor or obligor, unless the secured party knows:(A) That the person is a debtor or obligor;(B) The identity of the person; and(C) How to communicate with the person; or(2) To …

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.

(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 par…

(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 75-9-607 in the following order to:(…

(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 75-9-610. (1) May take possession of the collateral; and (2) Without removal, may ren…

(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, ma…

(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. (1) A secure…

(a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) A notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in the notification …

(1) 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;(…

(1) 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 75-9-613(1);(B) A description of any liability for a deficiency of the person to which the notification…

(a) A secured party shall apply or pay over for application the cash proceeds of disposition under Section 75-9-610 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…

(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 how the secured party calculated the surplus or deficiency;(C) States, if applicable, that future debits,…

(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 othe…

(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 agre…

(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 exercised its post-default remedies with respect to …

(a) Except as otherwise provided in subsection (g), 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);(2) The secured party does not receive, within the time se…

(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 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 secu…

(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 then due or past due (excluding any sums that would not be due except …

(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 75-9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under …

(a) 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. (b) Subject to subsections (c), (d), and (f), a person is liab…

(1) In an action arising from a 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 part relating to collection, enforcement, disposition, or acceptance unless …

(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 th…

(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 agains…

(1) References in Part 7 to “this act” refer to the legislative enactment by which this part is added to Article 9 of the Uniform Commercial Code. (2) References in this part to “former Article 9” are to Article 9 found in Chapter 9 of Title 75 as in effect on December 31, 2001.

(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 January 1, 2002. (b) Except as otherwise provided in subsection (c) and Sections 75-9-703 through 75-9-709…

(a) A security interest that is enforceable immediately before January 1, 2002 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 act if, on January 1, 2002, the applicable requirements for enf…

(1) A security interest that is enforceable immediately before January 1, 2002 but which 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 (1) year after January 1, 2002;(2) Remains enforc…

(a) If action, other than the filing of a financing statement, is taken before January 1, 2002 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 Januar…

(a) The filing of an initial financing statement in the office specified in Section 75-9-501 continues the effectiveness of a financing statement filed before January 1, 2002 if:(1) The filing of an initial financing statement in that office would be effective to perfect a securi…

(a) In this section, “pre-effective-date financing statement” means a financing statement filed before January 1, 2002. (b) After January 1, 2002, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information prov…

(1) 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 this part:(A) To continue the effectiveness of a financing statement filed before Januar…

(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before January 1, 2002, former Article 9 determines priority. (b) For purposes of Section 75-9-322(a), the priority of a security interest …

(a) In this section:(1) “Local-filing office” means a filing office, other than the statewide central filing office identified in Section 75-9-401(1) of former Chapter 9, that is designated as the proper place to file a financing statement under Section 75-9-401(1) of former Chap…

Chapter 451, Laws of 2013, takes effect on July 1, 2013.

(a) Except as otherwise provided in this part, Chapter 451, Laws of 2013, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013. (b) Chapter 451, Laws of 2013, does not affect an action, case, or proceed…

(a) A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under Article 9 as amended by Chapter 451, Laws of 2013, if, on July 1, 2013, the applicable requirements for attachment and perfection under Article 9 …

(1) A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest:(1) Without further action, on July 1, 2013, if the applicable requirements for perfection under Article 9 as amended by Chapter 451, Laws of 20…

(a) The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 9 as amended by Chapter 451, Laws of 2013. (b) Chapter 451, Laws of 2013, does …

(a) The filing of an initial financing statement in the office specified in Section 75-9-501 continues the effectiveness of a financing statement filed before July 1, 2013, if:(1) The filing of an initial financing statement in that office would be effective to perfect a security…

(a) In this section, “pre-effective-date financing statement” means a financing statement filed before July 1, 2013. (b) After July 1, 2013, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided i…

(1) 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 this part:(A) To continue the effectiveness of a financing statement filed before July 1…

Chapter 451, Laws of 2013, determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, Article 9 as it existed before amendment determines priority.