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Session Laws, 1999
Volume 796, Page 2137   View pdf image
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(B) A DEBTOR MAY WAIVE THE RIGHT TO REQUIRE DISPOSITION OF
COLLATERAL UNDER § 9-620(E) ONLY BY AN AGREEMENT TO THAT EFFECT ENTERED
INTO AND AUTHENTICATED AFTER DEFAULT.

(C) EXCEPT IN A CONSUMER-GOODS TRANSACTION, A DEBTOR OR
SECONDARY OBLIGOR MAY WAIVE THE RIGHT TO REDEEM COLLATERAL UNDER §
9-623 ONLY BY AN AGREEMENT TO THAT EFFECT ENTERED INTO AND
AUTHENTICATED AFTER DEFAULT.

9-625. REMEDIES FOR SECURED PARTY'S FAILURE TO COMPLY WITH TITLE.

(A) IF IT IS ESTABLISHED THAT A SECURED PARTY IS NOT PROCEEDING IN
ACCORDANCE WITH THIS TITLE, A COURT MAY ORDER OR RESTRAIN COLLECTION,
ENFORCEMENT, OR DISPOSITION OF COLLATERAL ON APPROPRIATE TERMS AND
CONDITIONS.

(B) SUBJECT TO SUBSECTIONS (C) AND (D), A SECURED PARTY IS LIABLE FOR
DAMAGES IN THE AMOUNT OF ANY LOSS CAUSED BY A FAILURE TO COMPLY WITH
THIS TITLE. LOSS CAUSED BY A FAILURE TO COMPLY WITH A REQUEST UNDER § 9-210
MAY INCLUDE LOSS RESULTING FROM THE DEBTOR'S INABILITY TO OBTAIN, OR
INCREASED COSTS OF, ALTERNATIVE FINANCING.

(C) EXCEPT AS OTHERWISE PROVIDED IN § 9-628:

(1) A PERSON THAT, AT THE TIME OF THE FAILURE, WAS A DEBTOR, WAS
AN OBLIGOR, OR HELD A SECURITY INTEREST IN OR OTHER LIEN ON THE
COLLATERAL MAY RECOVER DAMAGES UNDER SUBSECTION (B) FOR ITS LOSS; AND

(2) IF THE COLLATERAL IS CONSUMER GOODS, A PERSON THAT WAS A
DEBTOR OR A SECONDARY OBLIGOR AT THE TIME A SECURED PARTY FAILED TO
COMPLY WITH THIS PART MAY RECOVER FOR THAT FAILURE IN ANY EVENT AN
AMOUNT NOT LESS THAN THE CREDIT SERVICE CHARGE PLUS 10 PERCENT OF THE
PRINCIPAL AMOUNT OF THE OBLIGATION OR THE TIME-PRICE DIFFERENTIAL PLUS
10 PERCENT OF THE CASH PRICE.

(D) A DEBTOR WHOSE DEFICIENCY IS ELIMINATED UNDER § 9-626 MAY
RECOVER DAMAGES FOR THE LOSS OF ANY SURPLUS. HOWEVER, A DEBTOR OR
SECONDARY OBLIGOR WHOSE DEFICIENCY IS ELIMINATED OR REDUCED UNDER §
9-626 MAY NOT OTHERWISE RECOVER UNDER SUBSECTION (B) FOR NONCOMPLIANCE
WITH THE PROVISIONS OF THIS PART RELATING TO COLLECTION, ENFORCEMENT,
DISPOSITION, OR ACCEPTANCE.

(E) IF A SECURED PARTY FAILS TO COMPLY WITH A REQUEST REGARDING A
LIST OF COLLATERAL OR A STATEMENT OF ACCOUNT UNDER § 9-210, THE SECURED
PARTY MAY CLAIM A SECURITY INTEREST ONLY AS SHOWN IN THE STATEMENT
INCLUDED IN THE REQUEST AS AGAINST A PERSON THAT IS REASONABLY MISLED BY
THE FAILURE.

9-626. ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.

IN AN ACTION ARISING FROM A TRANSACTION IN WHICH THE AMOUNT OF A
DEFICIENCY OR SURPLUS IS IN ISSUE, THE FOLLOWING RULES APPLY:

 

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Session Laws, 1999
Volume 796, Page 2137   View pdf image
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