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California Commercial Code

§ 9621

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

Statute text

View on leginfo.ca.gov
(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.

Source: California Commercial Code § 9621 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.