§ 34.1-9-611 — Notification before disposition of collateral

(a) In this section, "notification date" means the earlier
of the date on which:
(i) A secured party sends to the debtor and any
secondary obligor an authenticated notification of disposition;
or
(ii) The debtor and any secondary obligor waive the
right to notification.
(b) Except as otherwise provided in subsection (d), a
secured party that disposes of collateral under section
34.1-9-610 shall send to the persons specified in subsection (c)
a reasonable authenticated notification of disposition.
(c) To comply with subsection (b), the secured party shall
send an authenticated notification of disposition to:
(i) The debtor;
(ii) Any secondary obligor; and
(iii) If the collateral is other than consumer goods:
(A) Any other person from which the secured
party has received, before the notification date, an
authenticated notification of a claim of an interest in the
collateral;
(B) Any other secured party or lienholder that,
ten (10) days before the notification date, held a security
interest in or other lien on the collateral perfected by the
filing of a financing statement that:
(I) Identified the collateral;
(II) Was indexed under the debtor's name as
of that date; and
(III) Was filed in the office 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 (10) days
before the notification date, held a security interest in the
collateral perfected by compliance with a statute, regulation or
treaty described in section 34.1-9-311(a).
(d) Subsection (b) does not apply if the collateral is
perishable or threatens to decline speedily in value or is of a
type customarily sold on a recognized market.
(e) A secured party complies with the requirement for
notification prescribed by subparagraph (c)(iii)(B) if:
(i) Not later than twenty (20) days or earlier than
thirty (30) days before the notification date, the secured party
requests, in a commercially reasonable manner, information
concerning financing statements indexed under the debtor's name
in the office indicated in subparagraph (c)(iii)(B); and
(ii) Before the notification date, the secured party:
(A) Did not receive a response to the request
for information; or
(B) Received a response to the request for
information and sent an authenticated notification of
disposition to each secured party or other lienholder named in
that response whose financing statement covered the collateral.