554.9621 Notification of proposal to accept collateral. 1. Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to: a. any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral; b. any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing ofa financing statement that: (1) identified the collateral;(2) was indexed under the debtor’s name as of that date; and(3) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and c. any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, ortreaty described in section 554.9311, subsection 1. 2. Proposal to be sent to secondary obligor in partial satisfaction. terest in the collateral perfected by compliance with a statute, regulation, ortreaty described in section 554.9311, subsection 1. 2. Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send itsproposal to any secondary obligor in addition to the persons described in subsection 1. 2000 Acts, ch 1149, §119, 187Referred to in §554.9102, 554.9602, 554.9620 Sat Dec 23 11:02:29 2023 Iowa Code 2024, Section 554.9621 (24, 0)
Iowa Legal Code