§ 6A-9-621 - Notification of proposal to accept collateral. - Rhode Island Statutes

SECTION 6A-9-621

   § 6A-9-621  Notification of proposal toaccept collateral. – (a) Persons to which proposal to be sent. A secured party that desiresto accept 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 debtor consented to the acceptance, an authenticated notification ofa claim of an interest in the collateral;

   (2) Any other secured party or lienholder that, 10 daysbefore the debtor consented to the acceptance, held a security interest in orother lien on the collateral perfected by the filing of a financing statementthat:

   (i) Identified the collateral;

   (ii) Was indexed under the debtor's name as of that date; and

   (iii) Was filed in the office or offices in which to file afinancing statement against the debtor covering the collateral as of that date;and

   (3) Any other secured party that, 10 days before the debtorconsented to the acceptance, held a security interest in the collateralperfected by compliance with a statute, regulation, or treaty described in§ 6A-9-311(a).

   (b) Proposal to be sent to secondary obligor in partialsatisfaction. 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).