§ 62A.9A-621. Notification of proposal to accept collateral
(a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) Any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A) Identified the collateral;
(B) Was indexed under the debtor's name as of that date; and
(C) Was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(2) Any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in RCW 62A.9A-311(a).
(b) Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a) of this section.
[2000 c 250 § 9A-621.]
Sections: Previous 62A.9A-614 62A.9A-615 62A.9A-616 62A.9A-617 62A.9A-618 62A.9A-619 62A.9A-620 62A.9A-621 62A.9A-622 62A.9A-623 62A.9A-624 62A.9A-625 62A.9A-626 62A.9A-627 62A.9A-628 NextLast modified: April 7, 2009