§ 34.1-9-621 — Notification of proposal to accept collateral

(a) A secured party that desires to accept collateral in
full or partial satisfaction of the obligation it secures shall
send its proposal to:
(i) 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;
(ii) Any other secured party or lienholder that, ten
(10) days before the debtor consented to the acceptance, held a
security interest in or other lien on the collateral perfected
by the filing of a financing statement that:
(A) Identified the collateral;
(B) Was indexed under the debtor's name as of
that date; and
(C) 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
(iii) Any other secured party that, ten (10) days
before the debtor consented to the acceptance, held a security
interest in the collateral perfected by compliance with a
statute, regulation or treaty described in section
34.1-9-311(a).
(b) A secured party that desires to accept collateral in
partial satisfaction of the obligation it secures shall send its
proposal to any secondary obligor in addition to the persons
described in subsection (a).