§ 26-1-9.1-610 — Disposition of collateral after default

Indiana § 26-1-9.1-610

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) 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 any commercially reasonable
preparation or processing.
(b) Every aspect of a disposition of collateral, including the method,
manner, time, place, and other terms, must be commercially
reasonable. If commercially reasonable, a secured party may dispose
of collateral by public or private proceedings, by one or more contracts,
as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) 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.
(d) A contract for sale, lease, license, or other disposition includes
the warranties relating to title, possession, quiet enjoyment, and the
like, which by operation of law accompany a voluntary disposition of
property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under
subsection (d):
(1) 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
(2) by communicating to the purchaser a record evidencing the
contract for disposition and including an express disclaimer or
modification of the warranties.
(f) A record is sufficient to disclaim warranties under subsection (e)
if it indicates "There is no warranty relating to title, possession, quiet
enjoyment, or the like in this disposition" or uses words of similar
import.

Legislative History

As added by P.L.57-2000, SEC.45.