8.9A-621 - A-621. Notification of proposal to accept collateral.
§ 8.9A-621. Notification of proposal to accept collateral.
(a) Persons to which proposal to be sent. A secured party that desires toaccept collateral in full or partial satisfaction of the obligation itsecures shall send its proposal to:
(1) any person from which the secured party has received, before the debtorconsented to the acceptance, an authenticated notification of a claim of aninterest in the collateral;
(2) any other secured party or lienholder that, ten days before the debtorconsented to the acceptance, held a security interest in or other lien on thecollateral 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 or offices in which to file a financing statementagainst the debtor covering the collateral as of that date; and
(3) any other secured party that, ten days before the debtor consented to theacceptance, held a security interest in the collateral perfected bycompliance with a statute, regulation, or treaty described in § 8.9A-311 (a).
(b) Proposal to be sent to secondary obligor in partial satisfaction. Asecured party that desires to accept collateral in partial satisfaction ofthe obligation it secures shall send its proposal to any secondary obligor inaddition to the persons described in subsection (a).
(Code 1950, § 55-93; 1964, cc. 219, 410, § 8.9-505; 1973, c. 509; 2000, c.1007.)