400.9-621. Notification of proposal to accept collateral. - Missouri Statutes

Notification of proposal to accept collateral.

400.9-621. (a) A secured party that desires to accept collateral infull or partial satisfaction of the obligation it secures shall send itsproposal to:

(1) Any person from which the secured party has received, before thedebtor consented to the acceptance, an authenticated notification of aclaim of an interest in the collateral;

(2) Any other secured party or lienholder that, ten days before thedebtor consented to the acceptance, held a security interest in or otherlien on the collateral perfected by the filing of a financing statementthat:

(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 financingstatement against the debtor covering the collateral as of that date; and

(3) Any other secured party that, ten days before the debtorconsented to the acceptance, held a security interest in the collateralperfected by compliance with a statute, regulation, or treaty described insection 400.9-311(a).

(b) A secured party that desires to accept collateral in partialsatisfaction of the obligation it secures shall send its proposal to anysecondary obligor in addition to the persons described in subsection (a).

(L. 2001 S.B. 288)

Effective 7-01-01