California Commercial Code

§ 9621

COM § 9621 Effective Jan 1, 2024Div. 9 · Ch. 6

Statute text

(a)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 persons:

(1)Any person from which the secured party has received, before the debtor consented to the acceptance, a signed 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 satisfied all of the following conditions:

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Legislative history

Amended by Stats. 2023, Ch. 210, Sec. 71. (SB 95) Effective January 1, 2024.