2023 Florida Statutes
< Back to Statute SearchTitle XXXIX COMMERCIAL RELATIONS
Chapter 679
UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS
SECTION 621Notification of proposal to accept collateral.
679.621 Notification of proposal to accept collateral.—
(1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(a) Any person from whom the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(b) Any other secured party or lienholder that, 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:
1. Identified the collateral;
2. Was indexed under the debtor’s name as of that date; and
3. 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
(c) Any other secured party that, 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 s. 679.3111(1).
(2) 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 (1).
(3) A secured party shall send its proposal under subsection (1) or subsection (2) to the affected party at the address prescribed in s. 679.611(6).
History.—s. 7, ch. 2001-198.