Utah Code 70A-9a-611. Notification before disposition of collateral
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(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 :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
(1)(a) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(1)(b) the debtor and any secondary obligor waive the right to notification.
(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:
(3)(a) the debtor;
(3)(b) any secondary obligor; and
(3)(c) if the collateral is other than consumer goods:
(3)(c)(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;
(3)(c)(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:
(3)(c)(ii)(A) identified the collateral;
(3)(c)(ii)(B) was indexed under the debtor’s name as of that date; and
(3)(c)(ii)(C) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(3)(c)(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) .
(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:
(5)(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
(5)(b) before the notification date, the secured party:
(5)(b)(i) did not receive a response to the request for information; or
(5)(b)(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.