(a) Effects of disposition. A secured party’s disposition of collateral after default: (1) transfers to a transferee for value all of the debtor’s rights in the collateral; (2) discharges the security interest under which the disposition is made; and (3) discharges any subordinate security interest or other subordinate lien. (b) Rights of good faith transferee. A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this article or the requirements of any judicial proceeding.

(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or (3) is subrogated to the rights of a secured party with respect to collateral.

This legal document pertains to the transfer of record or legal title of collateral in accordance with the Uniform Commercial Code. It defines a ’transfer statement’ as a record authenticated by a secured party that states the debtor’s default, the secured party’s exercise of postdefault remedies, and the acquisition of the debtor’s rights by a transferee. The transfer statement must include the names and addresses of the secured party, debtor, and transferee.

This legal document, part of the Minnesota Statutes under the Uniform Commercial Code, governs the acceptance of collateral in full or partial satisfaction of an obligation and the compulsory disposition of collateral. It outlines the conditions under which a secured party may accept collateral as satisfaction of the obligation, including obtaining the debtor’s consent and not receiving any objections from other interested parties within a specified time. The document also specifies that if the collateral is consumer goods, it should not be in the possession of the debtor when consent is given.

This legal document pertains to the acceptance of collateral in full or partial satisfaction of a secured obligation. It outlines the requirements for a secured party to send a proposal to various parties, including those who have claimed an interest in the collateral, other secured parties or lienholders, and secondary obligors. The proposal must be sent within specific timeframes before the debtor consents to the acceptance. Additionally, if the acceptance is partial, the proposal must also be sent to any secondary obligor.

(a) Effect of acceptance. A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject of the debtor’s consent and any subordinate security interest or other subordinate lien; and (4) terminates any other subordinate interest.

(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) Requirements for redemption. To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorneys fees described in section 336.9-615 (a)(1). (c) When redemption may occur. A redemption may occur at any time before a secured party: (1) has collected collateral under section 336.

(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under section 336.9-611 only by an agreement to that effect entered into and authenticated after default. (b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under section 336.9-620 (e) only by an agreement to that effect entered into and authenticated after default. (c) Waiver of redemption right.

This legal document pertains to the remedies available when a secured party fails to comply with the provisions of the Uniform Commercial Code (UCC) Article on trade regulations and consumer protection. If a secured party is found to be noncompliant, a court may order or restrain the collection, enforcement, or disposition of collateral. The noncompliant party may be liable for damages caused by the failure to comply, including loss resulting from the debtor’s inability to obtain alternative financing.

This legal document governs actions arising from transactions, other than consumer transactions, where the amount of a deficiency or surplus is in issue. It outlines the rules that apply in such cases. A secured party is not required to prove compliance with certain provisions unless their compliance is challenged by the debtor or a secondary obligor. If compliance is challenged, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with the relevant provisions.