2012 Pennsylvania Consolidated Statutes
Title 13 - COMMERCIAL CODE
Chapter 96 - Default
Section 9621 - Notification of proposal to accept collateral

     § 9621.  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 all of the following:
            (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, 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 which:
                (i)  identified the collateral;
                (ii)  was indexed under the debtor's name as of that
            date; and
                (iii)  was filed in the office or offices in which to
            file a financing statement against the debtor covering
            the collateral as of that date.
            (3)  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 section 9311(a) (relating
        to security interest subject to other law).
        (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).

        Cross References.  Section 9621 is referred to in sections
     9102, 9602, 9620 of this title.