(a) In this section, “notification date” means the earlier of the date on which:
Terms Used In Hawaii Revised Statutes 490:9-611
Lien: A claim against real or personal property in satisfaction of a debt.
Statute: A law passed by a legislature.
(1) A secured party sends to the debtor and any secondary obligor an signed notification of disposition; or(2) The debtor and any secondary obligor waive the right to notification.(b) Except as otherwise provided in subsection (d), a secured party that disposes of collateral under § 490:9-610 shall send to the persons specified in subsection (c) a reasonable signed notification of disposition.(c) To comply with subsection (b), the secured party shall send an signed notification of disposition to:
(1) The debtor;(2) Any secondary obligor; and(3) If the collateral is other than consumer goods:
(A) Any other person from which the secured party has received, before the notification date, an signed notification of a claim of an interest in the collateral;(B) Any other secured party or lienholder that, ten 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:
(i) Identified the collateral;(ii) Was indexed under the debtor’s name as of that date; and(iii) Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and(C) Any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 490:9-311(a).(d) Subsection (b) 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.(e) A secured party complies with the requirement for notification prescribed by subsection (c)(3)(B) if:
(1) Not later than twenty days or earlier than thirty 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 (c)(3)(B); and(2) Before the notification date, the secured party:
(A) Did not receive a response to the request for information; or(B) Received a response to the request for information and sent an signed notification of disposition to each secured party named in that response whose financing statement covered the collateral.
