70A-9a-621 - Notification of proposal to accept collateral. - Utah Statutes

70A-9a-621. Notification of proposal to accept collateral.
(1) A secured party that desires to accept collateral in full or partial satisfaction of theobligation it secures shall send its proposal to:
(a) any person from which the secured party has received, before the debtor consented tothe acceptance, an authenticated notification of a claim of an interest in the collateral;
(b) any other secured party or lienholder that, 10 days before the debtor consented to theacceptance, held a security interest in or other lien on the collateral perfected by the filing of afinancing statement that:
(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 a financing statement against thedebtor covering the collateral as of that date; and
(c) any other secured party that, 10 days before the debtor consented to the acceptance,held a security interest in the collateral perfected by compliance with a statute, regulation, ortreaty described in Subsection 70A-9a-311(1).
(2) A secured party that desires to accept collateral in partial satisfaction of the obligationit secures shall send its proposal to any secondary obligor in addition to the persons described inSubsection (1).

Enacted by Chapter 252, 2000 General Session