§ 554.9610

554.9610 Disposition of collateral after default. 1. Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following anycommercially reasonable preparation or processing. 2. Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commerciallyreasonable. If commercially reasonable, a secured party may dispose of collateral by publicor private proceedings, by one or more contracts, as a unit or in parcels, and at any time andplace and on any terms. 3. Purchase by secured party. A secured party may purchase collateral: a. at a public disposition; orb. at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations. 4. Warranties on disposition. A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which byoperation of law accompany a voluntary disposition of property of the kind subject to

or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which byoperation of law accompany a voluntary disposition of property of the kind subject to thecontract. 5. Disclaimer of warranties. A secured party may disclaim or modify warranties under subsection 4: a. in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or b. by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties. 6. Record sufficient to disclaim warranties. A record is sufficient to disclaim warranties under subsection 5 if it indicates 'There is no warranty relating to title, possession, quietenjoyment, or the like in this disposition' or uses words of similar import. 2000 Acts, ch 1149, §108, 187Referred to in §554.9406, 554.9408, 554.9602, 554.9609, 554.9611, 554.9615, 554.9616, 554.9618, 554.9620, 554.9623 Sat Dec 23 11:02:24 2023 Iowa Code 2024, Section 554.9610 (24, 0)