70A-9a-611 - Notification before disposition of collateral. - Utah Statutes

70A-9a-611. Notification before disposition of collateral.
(1) In this section, "notification date" means the earlier of the date on which:
(a) a secured party sends to the debtor and any secondary obligor an authenticatednotification of disposition; or
(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 ofcollateral under Section 70A-9a-610 shall send to the persons specified in Subsection (3) areasonable authenticated notification of disposition.
(3) To comply with Subsection (2), the secured party shall send an authenticatednotification of disposition to:
(a) the debtor;
(b) any secondary obligor; and
(c) if the collateral is other than consumer goods:
(i) any other person from which the secured party has received, before the notificationdate, an authenticated notification of a claim of an interest in the collateral;
(ii) any other secured party or lienholder that, 10 days before the notification date, held asecurity interest in or other lien 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 in which to file a financing statement against the debtorcovering the collateral as of that date; and
(iii) any other secured party that, 10 days before the notification date, held a securityinterest in the collateral perfected by compliance with a statute, regulation, or treaty described inSubsection 70A-9a-311(1).
(4) Subsection (2) does not apply if the collateral is perishable or threatens to declinespeedily in value or is of a type customarily sold on a recognized market.
(5) A secured party complies with the requirement for notification prescribed bySubsection (3)(c)(ii) if:
(a) not later than 20 days or earlier than 30 days before the notification date, the securedparty requests, in a commercially reasonable manner, information concerning financingstatements indexed under the debtor's name in the office indicated in Subsection (3)(c)(ii); and
(b) before the notification date, the secured party:
(i) did not receive a response to the request for information; or
(ii) received a response to the request for information and sent an authenticatednotification of disposition to each secured party or other lienholder named in that response whosefinancing statement covered the collateral.

Enacted by Chapter 252, 2000 General Session