Title 12A, Title 12A: COMMERCIAL TRANSACTIONS

12A:9-509 Persons entitled to file record. 12A:9-509. Persons Entitled to File a Record. (a) Person entitled to file record. A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a fin…

12A:9-510 Effectiveness of filed record. 12A:9-510. Effectiveness of Filed Record. (a) Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under 12A:9-509. (b) Authorization by one secured party of re…

12A:9-511 Secured party of record. 12A:9-511. Secured Party of Record. (a) Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an i…

12A:9-512 Amendment of financing statement. 12A:9-512. Amendment of Financing Statement. (a) Amendment of information in financing statement. Subject to 12A:9-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsect…

12A:9-513 Termination statement. 12A:9-513. Termination Statement. (a) Consumer goods. A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods an…

12A:9-514 Assignment of powers of secured party of record. 12A:9-514. Assignment of Powers of Secured Party of Record. (a) Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment…

12A:9-515 Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement. 12A:9-515. Duration and effectiveness of financing statement; effect of lapsed financing statement. (a) Five-year effectiveness. Except as otherwise provided in subsections (b), (e)…

12A:9-516 What constitutes filing; effectiveness of filing. 12A:9-516. What Constitutes Filing; Effectiveness of Filing. (a) What constitutes filing. Except as otherwise provided in subsection (b), communication of a record to a filing office and tender of the filing fee or accep…

12A:9-517. Effect of indexing errors 12A:9-517. Effect of Indexing Errors. The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record. L.2001, c.117, s.1.

12A:9-518 Claim concerning inaccurate or wrongfully filed record. 12A:9-518. Claim Concerning Inaccurate or Wrongfully Filed Record. (a) Statement with respect to record indexed under person's name. A person may file in the filing office an information statement with respect to a…

12A:9-519 Numbering, maintaining, and indexing records; communicating information provided in records. 12A:9-519. Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records. (a) Filing office duties. For each record filed in a filing office, the f…

12A:9-520 Acceptance and refusal to accept record. 12A:9-520. Acceptance and refusal to accept record. (a) Mandatory refusal to accept record. A filing office shall refuse to accept a record for filing for a reason set forth in 12A:9-516(b) and may refuse to accept a record for f…

12A:9-521 Uniform form of written financing statement and amendment. 12A:9-521. Uniform Form of Written Financing Statement and Amendment. (a) Initial financing statement form. A filing office that accepts written records may not refuse to accept a written initial financing state…

12A:9-522 Maintenance and destruction of records. 12A:9-522. Maintenance and Destruction of Records. (a) Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year…

12A:9-523 Information from filing office; sale or license of records. 12A:9-523. Information from Filing Office; Sale or License of Records. (a) Acknowledgment of filing written record. If a person that files a written record requests an acknowledgment of the filing, the filing o…

12A:9-524 Delay by filing office. 12A:9-524. Delay by Filing Office. Delay by the filing office beyond a time limit prescribed by this part is excused if: (1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipm…

12A:9-525 Fees. 12A:9-525. Fees. (a) Initial financing statement or other record: general rule. Except as otherwise provided in subsections (d) and (e), the fees for filing and indexing records under this part are: (1) $25 for financing statement; (2) $25 for continuation stateme…

12A:9-526 Filing-office rules. 12A:9-526. Filing-Office Rules. (a) Adoption of filing-office rules. The Division of Commercial Recording or other office designated by Executive Order shall adopt and publish rules to implement this chapter. The filing-office rules must be: (1) con…

12A:9-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. 12A:9-601. Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory …

12A:9-602 Waiver and variance of rights and duties. 12A:9-602. Waiver and Variance of Rights and Duties. Except as otherwise provided in 12A:9-624, 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…

12A:9-603 Agreement on standards concerning rights and duties. 12A:9-603. Agreement on Standards Concerning Rights and Duties. (a) Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties …

12A:9-604 Procedure if security agreement covers real property or fixtures. 12A:9-604. Procedure If Security Agreement Covers Real Property or Fixtures. (a) Enforcement: personal and real property. If a security agreement covers both personal and real property, a secured party ma…

12A:9-605 Unknown debtor or secondary obligor. 12A:9-605. Unknown Debtor or Secondary Obligor. A secured party does not owe a duty based on its status as secured party: (1) to a person who is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or …

12A:9-606. Time of default for agricultural lien 12A: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…

12A:9-607 Collection and enforcement by secured party. 12A:9-607. Collection and Enforcement by Secured Party. (a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on co…

12A:9-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. 12A:9-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus. (a) Application of proceeds, surplus, and deficiency if o…

12A:9-609 Secured party's right to take possession after default. 12A:9-609. Secured Party's Right to Take Possession after Default. (a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party: (1) may take possession of the coll…

12A:9-610 Disposition of collateral after default. 12A:9-610. Disposition of Collateral after Default. (a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or followin…

12A:9-611 Notification before disposition of collateral. 12A: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 oblig…

12A:9-612 Timeliness of notification before disposition of collateral. 12A:9-612. Timeliness of Notification Before Disposition of Collateral. (a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonab…

12A:9-613 Contents and form of notification before disposition of collateral: general. 12A: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 …

12A:9-614 Contents and form of notification before disposition of collateral: consumer-goods transaction. 12A: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 n…

12A:9-615 Application of proceeds of disposition; liability for deficiency and right to surplus. 12A:9-615. Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus. (a) Application of proceeds. A secured party shall apply or pay over for application …

12A:9-616 Explanation of calculation of surplus or deficiency. 12A:9-616. Explanation of Calculation of Surplus or Deficiency. (a) Definitions. In this section: (1) "Explanation" means a writing that: (A) states the amount of the surplus or deficiency; (B) provides an explanation…

12A:9-617 Rights of transferee of collateral. 12A:9-617. Rights of Transferee of Collateral. (a) Effects of disposition. 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…

12A:9-618 Rights and duties of certain secondary obligors. 12A:9-618. Rights and Duties of Certain Secondary Obligors. (a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the se…

12A:9-619 Transfer of record or legal title. 12A:9-619. Transfer of Record or Legal Title. (a) "Transfer statement." 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 s…

12A:9-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. 12A:9-620. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral. (a) Conditions to acceptance in satisfa…

12A:9-621 Notification of proposal to accept collateral. 12A:9-621. Notification of Proposal to Accept Collateral. (a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send i…

12A:9-622 Effect of acceptance of collateral. 12A:9-622. Effect of Acceptance of Collateral. (a) Effect of acceptance. 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…

12A:9-623 Right to redeem collateral. 12A:9-623. Right to Redeem Collateral. (a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender:…

12A:9-624 Waiver. 12A:9-624. Waiver. (a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under 12A:9-611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver…

12A:9-625 Remedies for secured party's failure to comply with chapter. 12A:9-625. Remedies for Secured Party's Failure to Comply with Chapter. (a) Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this chapter…

12A:9-626 Action in which deficiency or surplus is in issue. 12A:9-626. Action in Which Deficiency or Surplus Is in Issue. (a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction in which the amount of a deficiency or surplus is i…

12A:9-627 Determination of whether conduct was commercially reasonable. 12A:9-627. Determination of Whether Conduct Was Commercially Reasonable. (a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount cou…

12A:9-628 Nonliability and limitation on liability of secured party; liability of secondary obligor. 12A:9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor. (a) Limitation of liability of secured party for noncompliance with chapter. …