California Commercial Code

§ 9620

COM § 9620 Effective Jan 1, 2024Div. 9 · Ch. 6

Statute text

(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 all of the following conditions are satisfied:

(1)The debtor consents to the acceptance under subdivision (c).

(2)The secured party does not receive, within the time set forth in subdivision (d), a notification of objection to the proposal signed by either of the following:

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Legislative history

Amended by Stats. 2023, Ch. 210, Sec. 70. (SB 95) Effective January 1, 2024.