300                                        LAWS OF MARYLAND                         [Ch. 49

possession the debtor at his option may recover in
conversion or under § 9—507 (1) on secured party's
liability.

(2) In any other case involving consumer goods or
any other collateral a secured party in possession may,
after default, propose to retain the collateral in
satisfaction of the obligation. Written notice of such
proposal shall be sent to the debtor and except in the
case of consumer goods to any other secured party who has
a security interest in the collateral and who has duly
filed a financing statement indexed in the name of the
debtor in this State or is known by the secured party in
possession to have a security interest in it. If the
debtor or other person entitled to receive notification
objects in writing within thirty days from the receipt of
the notification or if any other secured party objects in
writing within thirty days after the secured party
obtains possession the secured party must dispose of the
collateral under § 9—504. In the absence of such
written objection the secured party way retain the
collateral in satisfaction of the debtor's obligation.

9—506. Debtor's right to redeem collateral.

At any time before the secured party has disposed of
collateral or entered into a contract for its disposition
under § 9—504 or before the obligation has been
discharged under § 9—505 (2) the debtor or any other
secured party may unless otherwise agreed in writing
after default redeem the collateral by tendering
fulfillment of all obligations secured by the collateral
as well as the expenses reasonably incurred by the
secured party in retaking, holding and preparing the
collateral for disposition, in arranging for the sale,
and to the extent provided in the agreement and not
prohibited by law, his reasonable attorneys' fees and
legal expenses.

9—507. Secured party's liability for failure to comply
with this [part] SUBTITLE.

(1) If it is established that the secured party is
not proceeding in accordance with the provisions of this
[part] SUBTITLE disposition may be ordered or restrained
on appropriate terms and conditions. If the disposition
has occurred the debtor or any person entitled to
notification or whose security interest has been made
known to the secured party prior to the disposition has a
right to recover from the secured party any loss caused
by a failure to comply with the provisions of this [part]
SUBTITLE. If the collateral is consumer goods, the
debtor has a right to recover in any event an amount not
less than the credit service charge plus 10 percent of