Find Bill
Find Your Legislator
Legislative Deadlines
Dec. 7, 2017
RSS Feed Permanent URL -A +A

2016 Statute



Prev Article 9. - SECURED TRANSACTIONSNext


84-9-205.Use or disposition of collateral permissible. (a) When security interest not invalid or fraudulent. A security interest is not invalid or fraudulent against creditors solely because: (1) The debtor has the right or ability to:

(A) Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;

(B) collect, compromise, enforce, or otherwise deal with collateral;

(C) accept the return of collateral or make repossessions; or

(D) use, commingle, or dispose of proceeds; or

(2) the secured party fails to require the debtor to account for proceeds or replace collateral.

(b) Requirements of possession not relaxed. This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.

History: L. 2000, ch. 142, § 15; July 1, 2001.

Revisor's Note:

Former section 84-9-205 was repealed by L. 2000, ch. 142, § 155 and the number reassigned to the current text.



Prev Article 9. - SECURED TRANSACTIONSNext
2017. Powered by KLISS. Rendered: 2017-12-07T10:48:18. Head Rev No: 340847