Texas Business & Commerce Code

§ 9.621 — NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL

BC § 9.621Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. F. DEFAULT

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:

(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

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Legislative history

Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.