Title 30, Title 30

(1) Except as otherwise provided in subsections (2), (5), (6), and (7), a filed financing statement is effective for a period of 5 years after the date of filing. (2) Except as otherwise provided in subsections (5), (6), and (7), an initial financing statement filed in connection…

(1) Except as otherwise provided in subsection (2), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. (2) Filing does not occur with respect to a record that a filing office refuses to ac…

The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.

(1) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed. (2) An information statement under subsection (1) must: (a) identify th…

(1) For each record filed in a filing office, the filing office shall: (a) assign a unique number to the filed record; (b) create a record that bears the number assigned to the filed record and the date and time of filing; (c) maintain the filed record for public inspection; and …

(1) A filing office shall refuse to accept a record for filing for a reason set forth in 30-9A-502 and 30-9A-516(2) and may refuse to accept a record for filing only for a reason set forth in 30-9A-502 and 30-9A-516(2). (2) If a filing office refuses to accept a record for filing…

(1) A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format set forth in the official text of the 2010 amendments to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute and t…

(1) Subject to the requirements of Title 2, chapter 6, part 11, the filing office shall maintain a record of the information provided in a filed financing statement for at least 1 year after the effectiveness of the filed financing statement has lapsed under 30-9A-515 with respec…

(1) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to 30-9A-519(1)(a) and the date and time of the filing of the record. However…

Delay by the filing office beyond a time limit prescribed in this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond the control of the filing office; …

(1) Except as otherwise provided in subsections (2) and (3), the fee for each of the following must be set and deposited by the secretary of state as prescribed in 2-15-405: (a) filing and indexing a record under this part, other than an initial financing statement filed in conne…

(1) The secretary of state shall adopt and publish rules to carry out the provisions of this chapter. The filing-office rules must be: (a) consistent with this chapter; and (b) adopted and published in accordance with Title 2, chapter 4. (2) To keep the filing-office rules and pr…

If there have been any changes affecting filing-office rules, the secretary of state shall report to the state administration and veterans' affairs interim committee by September 15 in the year preceding the regular legislative session on the operation of the filing office. The r…

(1) After default, a secured party has the rights provided in this part and, except as otherwise provided in 30-9A-602, those provided by agreement of the parties. A secured party: (a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, o…

Except as provided in 30-9A-624, 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: (1) 30-9A-207(2)(d)(iii), which deals with use and oper…

(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 if the standards are not manifestly unreasonable. (2) Subsection (1) does not apply to the duty under 30-9A-609 to refrain fro…

(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 and remedies with respect to the real property; or (b) as to both the personal property and the real pro…

(1) Except as provided in subsection (2), a secured party does not owe a duty based on its status as secured party: (a) to a person that is a debtor or obligor, unless the secured party knows: (i) that the person is a debtor or obligor; (ii) the identity of the person; and (iii) …

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 on 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; (b) may take any proceeds to which the secured part…

(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 30-9A-607 in the following order to: (i) th…

(1) After default, a secured party: (a) may take possession of the collateral; and (b) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under 30-9A-610. (2) A secured party may proceed under subsection (1): (a) pursuant to judicial 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, ma…

(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 (b) the debtor and any secondary obligor waive the right to notification. (2) Except as othe…

(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 time…

(1) Except in a consumer-goods transaction, the following rules apply: (a) The contents of a notification of disposition are sufficient if the notification: (i) describes the debtor and the secured party; (ii) describes the collateral that is the subject of the intended dispositi…

(1) In a consumer-goods transaction, the following rules apply: (a) A notification of disposition must provide the following information: (i) the information specified in 30-9A-613(1); (ii) a description of any liability for a deficiency of the person to which the notification is…

(1) A secured party shall apply or pay over for application the cash proceeds of disposition under 30-9A-610 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 agreem…

(1) In this section, the following definitions apply: (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) sta…

(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; (b) discharges the security interest under which the disposition is made; and (c) discharges any subordinate security interest or o…

(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; (b) receives a transfer of collateral from the secured party and ag…

(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; (b) that the secured party has exercised its postdefault remedies with respect to the co…

(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); (b) the secured party does not receive, within the time …

(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 claim…

(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; (b) transfers to the secured party all of a debtor's rights in the collateral; (c) discharges the s…

(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 (b) the reasonable expenses and attorneys fees described in 30-9…

(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under 30-9A-611 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 30-9A-620(5) o…

(1) 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. (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, enforcemen…

(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 …

(1) If a security interest is enforceable and has priority over the rights of a lien creditor immediately before July 1, 2001, and the applicable requirements for enforceability and perfection under this chapter are satisfied without further action on July 1, 2001, the security i…

A security interest that is enforceable immediately before July 1, 2001, but that is subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable security interest for 1 year after July 1, 2001; (2) remains enforceable thereafter if …

(1) 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 lien creditor had the security interest become enforceable before July 1, 2001, the action is suff…

(1) The effectiveness of a financing statement filed before July 1, 2001, may be continued by filing in the office specified in 30-9A-501 an initial financing statement complying with the requirements of subsection (2) if: (a) the filing of a financing statement in that office is…

(1) In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001. (2) 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…