2006 New York Code - Notification Of Proposal To Accept Collateral



 
  Section 9--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 person from which the secured party has received,  before
             the  debtor  consented  to  the  acceptance, an authenticated
             notification of a claim of an interest in the collateral;
         (2) any other secured party or lienholder that,  10  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
         (3) 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, or treaty described in Section 9--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).

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