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Session Laws, 1975
Volume 716, Page 273   View pdf image
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MARVIN MANDEL, Governor

273

(e) The secured party may repledge the
collateral upon terms which do not impair the debtor's
right to redeem it.

(3)    A secured party is liable for any loss caused
by his failure to meet any obligation imposed by the
preceding subsections but does not lose his security
interest,

(4)    A secured party may use or operate the
collateral for the purpose of preserving the collateral
or its value or pursuant to the order of a court of
appropriate jurisdiction or, except in the case of
consumer goods, in the manner and to the extent provided
in the security agreement.

9—208. Request for statement of account or list of
collateral.

(1)   A debtor may sign a statement indicating what
he believes to be the aggregate amount of unpaid
indebtedness as of a specified date and may send it to
the secured party with a request that the statement be
approved or corrected and returned to the debtor. When
the security agreement or any other record kept by the
secured party identifies the collateral a debtor may
similarly request the secured party to approve or correct
a list of the collateral.

(2)    The secured party must comply with such a
request within two weeks after receipt by sending a
written correction or approval. If the secured party
claims a security interest in all of a particular type of
collateral owned by the debtor he may indicate that fact
in his reply and need not approve or correct an itemized
list of such collateral. If the secured party without
reasonable excuse fails to comply he is liable for any
loss caused to the debtor thereby; and if the debtor has
property included in his request a good faith statement
of the obligation or a list of the collateral or both the
secured party may claim a security interest only as shown
in the statement against persons misled by his failure to
comply. If he no longer has an interest in the
obligation or collateral at the time the request is
received he must disclose the name and address of any
successor in interest known to him and he is liable for
any loss caused to the debtor as a result of failure to
disclose. A successor in interest is not subject to
this section until a request is received by him.

(3)   A debtor is entitled to such a statement once
every six months without charge. The secured party may
require payment of a charge not exceeding $10 for each
additional statement furnished.

 

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Session Laws, 1975
Volume 716, Page 273   View pdf image
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