Florida Statutes Part VI - Default (Ss. 679.601-679.628)

• 679.601 - Rights After Default; Judicial Enforcement; Consignor Or Buyer Of Accounts, Chattel Paper, Payment Intangibles, Or Promissory Notes.
  (1) After default, a secured party has the rights provided in this part and, except as otherwise provided in s. 679.602, those provided by agreement of...
• 679.602 - Waiver And Variance Of Rights And Duties.
  Except as otherwise provided in s. 679.624, to the extent that they give rights to a debtor or obligor and impose duties on a secured...
• 679.603 - Agreement On Standards Concerning Rights And Duties.
  (1) 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...
• 679.604 - Procedure If Security Agreement Covers Real Property Or Fixtures.
  (1) If a security agreement covers both personal and real property, a secured party may proceed:(a) Under this part as to the personal property without prejudicing any...
• 679.605 - Unknown Debtor Or Secondary Obligor.
  A secured party does not owe a duty based on its status as secured party:(1) To a person who is a debtor or obligor, unless the...
• 679.606 - Time Of Default For Agricultural Lien.
  For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the...
• 679.607 - Collection And Enforcement By Secured Party.
  (1) If so agreed, and in any event after default, a secured party:(a) May notify an account debtor or other person obligated on collateral to make payment...
• 679.608 - Application Of Proceeds Of Collection Or Enforcement; Liability For Deficiency And Right To Surplus.
  (1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:(a) A secured party shall apply or pay over...
• 679.609 - Secured Party’s Right To Take Possession After Default.
  (1) After default, a secured party:(a) May take possession of the collateral; and(b) Without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under...
• 679.610 - Disposition Of Collateral After Default.
  (1) 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...
• 679.611 - Notification Before Disposition Of Collateral.
  (1) In this section, the term “notification date” means the earlier of the date on which:(a) A secured party sends to the debtor and any secondary obligor...
• 679.612 - Timeliness Of Notification Before Disposition Of Collateral.
  (1) Except as otherwise provided in subsection (2), whether a notification is sent within a reasonable time is a question of fact.(2) A notification of disposition sent...
• 679.613 - Contents And Form Of Notification Before Disposition Of Collateral; General.
  Except in a consumer-goods transaction, the following rules apply:(1) The contents of a notification of disposition are sufficient if the notification:(a) Describes the debtor and the secured...
• 679.614 - Contents And Form Of Notification Before Disposition Of Collateral; Consumer-goods Transaction.
  In a consumer-goods transaction, the following rules apply:(1) A notification of disposition must provide the following information:(a) The information specified in s. 679.613(1);(b) A description of any liability...
• 679.615 - Application Of Proceeds Of Disposition; Liability For Deficiency And Right To Surplus.
  (1) A secured party shall apply or pay over for application the cash proceeds of disposition under s. 679.610 in the following order to:(a) The reasonable expenses...
• 679.616 - Explanation Of Calculation Of Surplus Or Deficiency.
  (1) In this section, the term:(a) “Explanation” means a writing that:1. States the amount of the surplus or deficiency;2. Provides an explanation in accordance with subsection (3) of how...
• 679.617 - Rights Of Transferee Of Collateral.
  (1) A secured party’s disposition of collateral after default:(a) Transfers to a transferee for value all of the debtor’s rights in the collateral;(b) Discharges the security interest under...
• 679.618 - Rights And Duties Of Certain Secondary Obligors.
  (1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:(a) Receives an assignment of a...
• 679.619 - Transfer Of Record Or Legal Title.
  (1) In this section, the term “transfer statement” means a record authenticated by a secured party stating:(a) That the debtor has defaulted in connection with an obligation...
• 679.620 - Acceptance Of Collateral In Full Or Partial Satisfaction Of Obligation; Compulsory Disposition Of Collateral.
  (1) Except as otherwise provided in subsection (7), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:(a) The...
• 679.621 - Notification Of Proposal To Accept Collateral.
  (1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:(a) Any person from...
• 679.622 - Effect Of Acceptance Of Collateral.
  (1) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures:(a) Discharges the obligation to the extent consented to by the...
• 679.623 - Right To Redeem Collateral.
  (1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.(2) To redeem collateral, a person shall tender:(a) Fulfillment of all obligations secured...
• 679.624 - Waiver.
  (1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under s. 679.611 only by an agreement to that effect...
• 679.625 - Remedies For Failure To Comply With Article.
  (1) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or...
• 679.626 - Action In Which Deficiency Or Surplus Is In Issue.
  In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:(1) A secured party...
• 679.627 - Determination Of Whether Conduct Was Commercially Reasonable.
  (1) 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...
• 679.628 - Nonliability And Limitation On Liability Of Secured Party; Liability Of Secondary Obligor.
  (1) 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...

Last modified: September 23, 2016