Title 70A, Title 70A: Uniform Commercial Code

70A-9a-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 equipment, or other circumstances beyon…

70A-9a-525. Fees. (1) Except as otherwise provided in Subsection, the fee for the Division of Corporations and Commercial Code filing and indexing a record under this part, including an initial financing statement of the kind described in Subsection, shall: (3) 70A-9a-502(3) be d…

70A-9a-526. Filing-office rules. (1) The Division of Corporations and Commercial Code shall adopt and publish rules to implement this chapter that apply to a filing office described in Subsection. The filing-office rules must be: 70A-9a-501(1)(b) consistent with this chapter; and…

70A-9a-601. Rights after default -- Judicial enforcement -- Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in Section, those provide…

70A-9a-602. Waiver and variance of rights and duties. Except as otherwise provided in Section, 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 sec…

70A-9a-603. Agreement on standards concerning rights and duties. (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 Sectionif the standards are not manife…

70A-9a-604. Procedure if security agreement covers real property or fixtures. (1) If a security agreement covers both personal and real property, a secured party may proceed: under this part as to the personal property without prejudicing any rights with respect to the real prope…

70A-9a-605. Unknown debtor or secondary obligor. (1) Except as provided in Subsection, a secured party does not owe a duty based on its status as secured party: (2) to a person that is a debtor or obligor, unless the secured party knows: that the person is a debtor or obligor; th…

70A-9a-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 under which it was created.

70A-9a-607. Collection and enforcement by secured party. (1) If so agreed, and in any event after default, a secured party: 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 pa…

70A-9a-608. Application of proceeds of collection or enforcement -- Liability for deficiency and right to surplus. (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: A secured party shall apply or pay over f…

70A-9a-609. Secured party's right to take possession after default. (1) After default, a secured party: may take possession of the collateral; and without removal, may render equipment unusable and dispose of collateral on a debtor's premises under Section. 70A-9a-610 (2) A secur…

70A-9a-610. Disposition of collateral after default. (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 …

70A-9a-611. Notification before disposition of collateral. (1) In this section, "notification date" means the earlier of the date on which: a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or the debtor and any secondary obligor …

70A-9a-612. Timeliness of notification before disposition of collateral. (1) Except as otherwise provided in Subsection, whether a notification is sent within a reasonable time is a question of fact. (2) (2) In a transaction other than a consumer transaction, a notification of di…

70A-9a-613. Contents and form of notification before disposition of collateral -- General. (1) Except in a consumer-goods transaction, the following rules apply: The contents of a notification of disposition are sufficient if the notification: describes the debtor and the secured…

70A-9a-614. Contents and form of notification before disposition of collateral -- Consumer-goods transaction. In a consumer-goods transaction, the following rules apply: (1) A notification of disposition must provide the following information: the information specified in Subsect…

70A-9a-615. Application of proceeds of disposition -- Liability for deficiency and right to surplus. (1) A secured party shall apply or pay over for application the cash proceeds of disposition under Sectionin the following order to: 70A-9a-610 the reasonable expenses of retaking…

70A-9a-616. Explanation of calculation of surplus or deficiency. (1) In this section: "Explanation" means a record that: states the amount of the surplus or deficiency; provides an explanation in accordance with Subsectionof how the secured party calculated the surplus or deficie…

70A-9a-617. Rights of transferee of collateral. (1) A secured party's disposition of collateral after default: transfers to a transferee for value all of the debtor's rights in the collateral; discharges the security interest under which the disposition is made; and discharges an…

70A-9a-618. Rights and duties of certain secondary obligors. (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: receives an assignment of a secured obligation from the secured party; receives a…

70A-9a-619. Transfer of record or legal title. (1) In this section, "transfer statement" means a record signed by a secured party stating: that the debtor has defaulted in connection with an obligation secured by specified collateral; that the secured party has exercised its post…

70A-9a-620. Acceptance of collateral in full or partial satisfaction of obligation -- Compulsory disposition of collateral. (1) Except as otherwise provided in Subsection, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: …

70A-9a-621. Notification of proposal to accept collateral. (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: any person from which the secured party has received, before the debtor consen…

70A-9a-622. Effect of acceptance of collateral. (1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: discharges the obligation to the extent consented to by the debtor; transfers to the secured party all of a debtor's rights…

70A-9a-623. Right to redeem collateral. (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (2) To redeem collateral, a person shall tender: fulfillment of all obligations secured by the collateral; and the reasonable expenses and …

70A-9a-624. Waiver. (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Sectiononly by an agreement to that effect entered into and signed after default. 70A-9a-611 (2) A debtor may waive the right to require disposition of col…

70A-9a-625. Remedies for secured party's failure to comply with chapter. (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 c…

70A-9a-626. Action in which deficiency or surplus is in issue. (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 secured party need not prove compliance with the…

70A-9a-627. Determination of whether conduct was commercially reasonable. (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 n…

70A-9a-628. Nonliability and limitation on liability of secured party -- Liability of secondary obligor. (1) Subject to Subsection, 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: (…

70A-9a-701. Effective date -- Terminology. (1) This act takes effect on July 1, 2001. (2) References in this part to "former Chapter 9" are to, as in effect on June 30, 2001.

70A-9a-702. Savings clause. (1) 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 this act takes effect. (2) Except as otherwise provided in Subsectionand Secti…

70A-9a-703. Security interest perfected before effective date. (1) A security interest that is enforceable immediately before this act 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…

70A-9a-704. Security interest unperfected before effective date. A security interest that is enforceable immediately before this act takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time: (1) remains an enforceable securit…

70A-9a-705. Effectiveness of action taken before effective date. (1) If action, other than the filing of a financing statement, is taken before this act takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a l…

70A-9a-706. When initial financing statement suffices to continue effectiveness of financing statement. (1) The filing of an initial financing statement in the office specified in Sectioncontinues the effectiveness of a financing statement filed before this act takes effect if: 7…

70A-9a-707. Amendment of pre-effective-date financing statement. (1) In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect. (2) After this act takes effect, a person may add or delete collateral covered by, contin…

70A-9a-708. Persons entitled to file initial financing statement or continuation statement. 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 unde…

70A-9a-709. Priority. (1) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former, determines priority. (2) For purposes of Subsection, the priority of a security…

70A-9a-801. Savings clause. (1) Except as otherwise provided in this part,applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2013. (2) does not affect an action, case, or proceeding commenced before July 1…

70A-9a-802. Security interest perfected before effective date. (1) A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under this chapter as amended byif, whentakes effect, the applicable requirements for att…

70A-9a-803. Security interest unperfected before effective date. A security interest that is an unperfected security interest immediately beforetakes effect becomes a perfected security interest: (1) without further action, whentakes effect if the applicable requirements for perf…

70A-9a-804. Effectiveness of action taken before effective date. (1) The filing of a financing statement beforetakes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter as amended …

70A-9a-805. When initial financing statement suffices to continue effectiveness of financing statement. (1) The filing of an initial financing statement in the office specified in Sectioncontinues the effectiveness of a financing statement filed beforetakes effect if: 70A-9a-501 …

70A-9a-806. Amendment of pre-effective-date financing statement. (1) In this section, "pre-effective-date financing statement" means a financing statement filed beforetakes effect. (2) Aftertakes effect, a person may add or delete collateral covered by, continue or terminate the …