(1) |
In this section, “notification date” means the earlier of the date on which:
Terms Used In Utah Code 70A-9a-611- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: means :Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
(a) |
a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or |
(b) |
the debtor and any secondary obligor waive the right to notification. |
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(2) |
Except as otherwise provided in Subsection (4), a secured party that disposes of collateral under Section 70A-9a-610 shall send to the persons specified in Subsection (3) a reasonable authenticated notification of disposition. |
(3) |
To comply with Subsection (2), the secured party shall send an authenticated notification of disposition to:
(b) |
any secondary obligor; and |
(c) |
if the collateral is other than consumer goods:
(i) |
any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral; |
(ii) |
any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A) |
identified the collateral; |
(B) |
was indexed under the debtor’s name as of that date; and |
(C) |
was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and |
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(iii) |
any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Subsection 70A-9a-311(1). |
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(4) |
Subsection (2) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. |
(5) |
A secured party complies with the requirement for notification prescribed by Subsection (3)(c)(ii) if:
(a) |
not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in Subsection (3)(c)(ii); and |
(b) |
before the notification date, the secured party:
(i) |
did not receive a response to the request for information; or |
(ii) |
received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral. |
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Enacted by Chapter 252, 2000 General Session