Indiana § 26-1-9.1-626 Action in which deficiency or surplus is in issue

Indiana Statutes

§ 26-1-9.1-626 — Action in which deficiency or surplus is in issue

Indiana § 26-1-9.1-626

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-626 (Action in which deficiency or surplus is in issue) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-626 (2026).

Text

In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:

(1)A secured party need not prove compliance with the provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.

(2)If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with IC 26-1-9.1-601 through IC 26-1-9.1-628.

(3)Except as otherwise provided in IC 26-1-9.1-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in acco

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In an action arising from a transaction in
which the amount of a deficiency or surplus is in issue, the following
rules apply:
(1) A secured party need not prove compliance with the
provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 relating to
collection, enforcement, disposition, or acceptance unless the
debtor or a secondary obligor places the secured party's
compliance in issue.
(2) If the secured party's compliance is placed in issue, the
secured party has the burden of establishing that the collection,
enforcement, disposition, or acceptance was conducted in
accordance with IC 26-1-9.1-601 through IC 26-1-9.1-628.
(3) Except as otherwise provided in IC 26-1-9.1-628, if a secured
party fails to prove that the collection, enforcement, disposition,
or acceptance was conducted in accordance with the provisions
of IC 26-1-9.1-601 through IC 26-1-9.1-628 relating to collection,
enforcement, disposition, or acceptance, the liability of a debtor
or a secondary obligor for a deficiency is limited to an amount by
which the sum of the secured obligation, expenses, and attorney's
fees exceeds the greater of:
(A) the proceeds of the collection, enforcement, disposition, or
acceptance; or
(B) the amount of proceeds that would have been realized had
the noncomplying secured party proceeded in accordance with
the provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628
relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of subdivision (3)(B), the amount of proceeds
that would have been realized is equal to the sum of the secured
obligation, expenses, and attorney's fees unless the secured party
proves that the amount is less than that sum.
(5) If a deficiency or surplus is calculated under IC 26-1-9.1-615(f), the debtor or obligor has the burden of
establishing that the amount of proceeds of the disposition is
significantly below the range of prices that a complying
disposition to a person other than the secured party, a person
related to the secured party, or a secondary obligor would have
brought.