California Commercial Code CHAPTER 6 - Default

• Section 9601.
  (a) After default, a secured party has the rights provided in this chapter and, except as otherwise provided in Section 9602, those rights provided by agreement...
• Section 9602.
  Except as otherwise provided in Section 9624, to the extent that they give rights to a debtor or obligor and impose duties on a secured...
• Section 9603.
  (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured...
• Section 9604.
  (a) If an obligation secured by a security interest in personal property or fixtures is also secured by an interest in real property or an estate...
• Section 9605.
  A secured party does not owe a duty based on its status as secured party to either of the following persons:(1) To a person that is...
• Section 9606.
  For purposes of this chapter, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the...
• Section 9607.
  (a) If so agreed, and in any event after default, a secured party may do all of the following:(1) Notify an account debtor or other person obligated...
• Section 9608.
  (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:(1) A secured party shall apply or pay over...
• Section 9609.
  (a) After default, a secured party may do both of the following:(1) Take possession of the collateral.(2) Without removal, render equipment unusable and dispose of collateral on a...
• Section 9610.
  (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following...
• Section 9611.
  (a) In this section, “notification date” means the earlier of the date on which:(1) A secured party sends to the debtor and any secondary obligor an authenticated...
• Section 9612.
  (a) Except as otherwise provided in subdivision (b), whether a notification is sent within a reasonable time is a question of fact.(b) In a transaction other than...
• Section 9613.
  Except in a consumer-goods transaction, the following rules apply:(1) The contents of a notification of disposition are sufficient if the notification does all of the following:(A) It...
• Section 9614.
  In a consumer-goods transaction, the following rules apply:(1) A notification of disposition must provide all of the following information:(A) The information specified in subdivision (1) of Section...
• Section 9615.
  (a) A secured party shall apply or pay over for application the cash proceeds of disposition under Section 9610 in the following order to each of...
• Section 9616.
  (a) In this section:(1) “Explanation” means a writing that contains all of the following:(A) States the amount of the surplus or deficiency.(B) Provides an explanation in accordance with subdivision...
• Section 9617.
  (a) A secured party’s disposition of collateral after default does all of the following:(1) Transfers to a transferee for value all of the debtor’s rights in the...
• Section 9618.
  (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after any of the following occurs:(1) The secondary obligor...
• Section 9619.
  (a) In this section, “transfer statement” means a record authenticated by a secured party stating all of the following:(1) That the debtor has defaulted in connection with...
• Section 9620.
  (a) Except as otherwise provided in subdivision (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if...
• Section 9621.
  (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to all of...
• Section 9622.
  (a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures does all of the following:(1) It discharges the obligation to...
• Section 9623.
  (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.(b) To redeem collateral, a person shall tender both of the following:(1) Fulfillment...
• Section 9624.
  (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 9611 only by an agreement to that effect...
• Section 9625.
  (a) If it is established that a secured party is not proceeding in accordance with this division, a court may order or restrain collection, enforcement, or...
• Section 9626.
  (a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the...
• Section 9627.
  (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different...
• Section 9628.
  (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with...
• Section 9629.
  No renunciation or modification by the debtor of any of his or her rights under this chapter as to consumer goods shall be valid or...

Last modified: October 22, 2018