§ 34.1-9-625 — Remedies for secured party's failure to comply with article

Wyoming § 34.1-9-625

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) If it is established that a secured party is not
proceeding in accordance with this article, a court may order or
restrain collection, enforcement or disposition of collateral on
appropriate terms and conditions.
(b) Subject to subsections (c), (d) and (f), a person is
liable for damages in the amount of any loss caused by a failure
to comply with this article. Loss caused by a failure to comply
may include loss resulting from the debtor's inability to
obtain, or increased costs of, alternative financing.
(c) Except as otherwise provided in section 34.1-9-628:
(i) A person that, at the time of the failure, was a
debtor, was an obligor, or held a security interest in or other
lien on the collateral may recover damages under subsection (b)
for its loss; and
(ii) If the collateral is consumer goods, a person
that was a debtor or a secondary obligor at the time a secured
party failed to comply with this part may recover for that
failure in any event an amount not less than the credit service
charge plus ten percent (10%) of the principal amount of the
obligation or the time-price differential plus ten percent (10%)
of the cash price.
(d) A debtor whose deficiency is eliminated under section
34.1-9-626 may recover damages for the loss of any surplus.
However, a debtor or secondary obligor whose deficiency is
eliminated or reduced under section 34.1-9-626 may not otherwise
recover under subsection (b) for noncompliance with the
provisions of this part relating to collection, enforcement,
disposition or acceptance.
(e) In addition to any damages recoverable under
subsection (b), the debtor, consumer obligor or person named as
a debtor in a filed record, as applicable, may recover five
hundred dollars ($500.00) in each case from a person that:
(i) Fails to comply with section 34.1-9-208;
(ii) Fails to comply with section 34.1-9-209;
(iii) Files a record that the person is not entitled
to file under section 34.1-9-509(a);
(iv) Fails to cause the secured party of record to
file or send a termination statement as required by section
34.1-9-513(a) or (c);
(v) Fails to comply with section 34.1-9-616(b)(i) and
whose failure is part of a pattern, or consistent with a
practice, of noncompliance; or
(vi) Fails to comply with section 34.1-9-616(b)(ii).
(f) A debtor or consumer obligor may recover damages under
subsection (b) and, in addition, five hundred dollars ($500.00)
in each case from a person that, without reasonable cause, fails
to comply with a request under section 34.1-9-210. A recipient
of a request under section 34.1-9-210 which never claimed an
interest in the collateral or obligations that are the subject
of a request under that section has a reasonable excuse for
failure to comply with the request within the meaning of this
subsection.
(g) If a secured party fails to comply with a request
regarding a list of collateral or a statement of account under
section 34.1-9-210, the secured party may claim a security
interest only as shown in the list or statement included in the
request as against a person that is reasonably misled by the
failure.