RCW 62A.9A-503
Name of debtor and secured party.
(a)
Sufficiency of debtor's name.
A financing statement sufficiently provides the name of the debtor:
(1) Except as otherwise provided in (3) of this subsection (a), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend, or restate the registered organization's name;
(2) Subject to subsection (f) of this section, if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;
(3) If the collateral is held in a trust that is not a registered organization, only if the financing statement:
(A) Provides, as the name of the debtor:
(i) If the organic record of the trust specifies a name for the trust, the name specified; or
(ii) If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and
(B) In a separate part of the financing statement:
(i) If the name is provided in accordance with (3)(A)(i) of this subsection, indicates that the collateral is held in a trust; or
(ii) If the name is provided in accordance with (3)(A)(ii) of this subsection, provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
(4) Subject to subsection (g) of this section, if the debtor is an individual to whom this state has issued a driver's license or identification card that has not expired, only if the financing statement provides the name of the individual which is indicated on the driver's license or identification card;
(5) If the debtor is an individual to whom (4) of this subsection (a) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and
(6) In other cases:
(A) If the debtor has a name, only if the financing statement provides the organizational name of the debtor; and
(B) If the debtor does not have a name, only if the financing statement provides the names of the partners, members, associates, or other persons comprising the debtor, in a manner that each name provided would be sufficient if the person named were the debtor.
(b)
Additional debtor-related information.
A financing statement that provides the name of the debtor in accordance with subsection (a) of this section is not rendered ineffective by the absence of:
(1) A trade name or other name of the debtor; or
(2) Unless required under subsection (a)(6)(B) of this section, names of partners, members, associates, or other persons comprising the debtor.
(c)
Debtor's trade name insufficient.
A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.
(d)
Representative capacity.
Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
(e)
Multiple debtors and secured parties.
A financing statement may provide the name of more than one debtor and the name of more than one secured party.
(f)
Name of decedent.
The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under subsection (a)(2) of this section.
(g)
Multiple driver's licenses.
If this state has issued to an individual more than one driver's license or identification card of a kind described in subsection (a)(4) of this section, the one that was issued most recently is the one to which subsection (a)(4) of this section refers.
(h)
Definition.
In this section, the "name of the settlor or testator" means:
(1) If the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization which purports to state, amend, or restate the settlor's name; or
(2) In other cases, the name of the settlor or testator indicated in the trust's organic record.
[
2013 c 118 s 34
;
2011 c 74 s 401
; 2000 c 250 s 9A-503.]
NOTES:
Effective date
—
2013 c 118 ss 33 and 34:
See note following RCW 62A.9A-502
.
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-504
Indication of collateral.
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) A description of the collateral pursuant to RCW 62A.9A-108
; or
(2) An indication that the financing statement covers all assets or all personal property.
[2000 c 250 s 9A-504.]
RCW 62A.9A-505
Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
(a)
Use of terms other than "debtor" and "secured party."
A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in RCW 62A.9A-311
(a), using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller," or words of similar import, instead of the terms "secured party" and "debtor."
(b)
Effect of financing statement under subsection (a) of this section.
This part applies to the filing of a financing statement under subsection (a) of this section and, as appropriate, to compliance that is equivalent to filing a financing statement under RCW 62A.9A-311
(b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
[
2011 c 74 s 717
; 2000 c 250 s 9A-505.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-506
Effect of errors or omissions.
(a)
Minor errors and omissions.
A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
(b)
Financing statement seriously misleading.
Except as otherwise provided in subsection (c) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with RCW 62A.9A-503
(a) is seriously misleading.
(c)
Financing statement not seriously misleading.
If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with RCW 62A.9A-503
(a), the name provided does not make the financing statement seriously misleading.
(d)
"Debtor's correct name."
For purposes of RCW 62A.9A-508
(b), the "debtor's correct name" in subsection (c) of this section means the correct name of the new debtor.
[
2011 c 74 s 718
; 2000 c 250 s 9A-506.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-507
Effect of certain events on effectiveness of financing statement.
(a)
Disposition.
A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
(b)
Information becoming seriously misleading.
Except as otherwise provided in subsection (c) of this section and RCW 62A.9A-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under RCW 62A.9A-506
.
(c)
Change in debtor's name.
If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under RCW 62A.9A-503
(a) so that the financing statement becomes seriously misleading under RCW 62A.9A-506
:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the filed financing statement becomes seriously misleading.
[
2011 c 74 s 402
; 2000 c 250 s 9A-507.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-508
Effectiveness of financing statement if new debtor becomes bound by security agreement.
(a)
Financing statement naming original debtor.
Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
(b)
Financing statement becoming seriously misleading.
If the difference between the name of the original debtor and that of the new debtor causes a filed financing statement that is effective under subsection (a) of this section to be seriously misleading under RCW 62A.9A-506
:
(1) The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under RCW 62A.9A-203
(d); and
(2) The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under RCW 62A.9A-203
(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
(c)
When section not applicable.
This section does not apply to collateral as to which a filed financing statement remains effective against the new debtor under RCW 62A.9A-507
(a).
[
2011 c 74 s 719
; 2000 c 250 s 9A-508.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-509
Persons entitled to file a record.
(a)
Person entitled to file record.
A person may file an initial financing statement, amendment that adds collateral covered by a financing statement, or amendment that adds a debtor to a financing statement only if:
(1) The debtor authorizes the filing in a signed record or pursuant to subsection (b) or (c) of this section; or
(2) The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
(b)
Security agreement as authorization.
By signing or becoming bound as debtor by a security agreement, a debtor or new debtor authorizes the filing of an initial financing statement, and an amendment, covering:
(1) The collateral described in the security agreement; and
(2) Property that becomes collateral under RCW 62A.9A-315
(a)(2), whether or not the security agreement expressly covers proceeds.
(c)
Acquisition of collateral as authorization.
By acquiring collateral in which a security interest or agricultural lien continues under RCW 62A.9A-315
(a)(1), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under RCW 62A.9A-315
(a)(2).
(d)
Person entitled to file certain amendments.
A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
(1) The secured party of record authorizes the filing; or
(2) The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by RCW 62A.9A-513
(a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
(e)
Multiple secured parties of record.
If there is more than one secured party of record for a financing statement, each secured party of record may authorize the filing of an amendment under subsection (d) of this section.
[
2023 c 266 s 936
;
2001 c 32 s 36
; 2000 c 250 s 9A-509.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-510
Effectiveness of filed record.
(a)
Filed record effective if authorized.
A filed record is effective only to the extent that it was filed by a person that may file it under RCW 62A.9A-509
.
(b)
Authorization by one secured party of record.
A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
(c)
Continuation statement not timely filed.
A continuation statement that is not filed within the six-month period prescribed by RCW 62A.9A-515
(d) is ineffective.
[
2011 c 74 s 720
; 2000 c 250 s 9A-510.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-511
Secured party of record.
(a)
Secured party of record.
A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under RCW 62A.9A-514
(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
(b)
Amendment naming secured party of record.
If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under RCW 62A.9A-514
(b), the assignee named in the amendment is a secured party of record.
(c)
Amendment deleting secured party of record.
A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
[2000 c 250 s 9A-511.]
RCW 62A.9A-512
Amendment of financing statement.
(a)
Amendment of information in financing statement.
Subject to RCW 62A.9A-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e) of this section, otherwise amend the information provided in, a financing statement by filing an amendment that:
(1) Identifies, by its file number, the initial financing statement to which the amendment relates; and
(2) If the amendment relates to an initial financing statement filed or recorded in a filing office described in RCW 62A.9A-501
(a)(1), provides the information specified in RCW 62A.9A-502
(b).
(b)
Period of effectiveness not affected.
Except as otherwise provided in RCW 62A.9A-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
(c)
Effectiveness of amendment adding collateral.
A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
(d)
Effectiveness of amendment adding debtor.
A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
(e)
Certain amendments ineffective.
An amendment is ineffective to the extent it:
(1) Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
(2) Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
[2000 c 250 s 9A-512.]
RCW 62A.9A-513
Termination statement.
(a)
Consumer goods.
A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:
(1) There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2) The debtor did not authorize the filing of the initial financing statement.
(b)
Time for compliance with subsection (a) of this section.
To comply with subsection (a) of this section, a secured party shall cause the secured party of record to file the termination statement:
(1) Within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
(2) If earlier, within 20 days after the secured party receives a signed demand from a debtor.
(c)
Other collateral.
In cases not governed by subsection (a) of this section, within 20 days after a secured party receives a signed demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:
(1) Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
(2) The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
(3) The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or
(4) The debtor did not authorize the filing of the initial financing statement.
(d)
Effect of filing termination statement.
Except as otherwise provided in RCW 62A.9A-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in RCW 62A.9A-510, for purposes of RCW 62A.9A-519
(g), 62A.9A-522
(a), and
62A.9A-523
(c), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.
[
2023 c 266 s 937
;
2001 c 32 s 37
; 2000 c 250 s 9A-513.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-514
Assignment of powers of secured party of record.
(a)
Assignment reflected on initial financing statement.
Except as otherwise provided in subsection (c) of this section, an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
(b)
Assignment of filed financing statement.
Except as otherwise provided in subsection (c) of this section, a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:
(1) Identifies, by its file number, the initial financing statement to which it relates;
(2) Provides the name of the assignor; and
(3) Provides the name and mailing address of the assignee.
(c)
Assignment of record of mortgage.
An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under RCW 62A.9A-502
(c) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than the Uniform Commercial Code.
[2000 c 250 s 9A-514.]
RCW 62A.9A-515
Duration and effectiveness of financing statement; effect of lapsed financing statement.
(a)
Five-year effectiveness.
Except as otherwise provided in subsections (b), (e), (f), and (g) of this section, a filed financing statement is effective for a period of five years after the date of filing.
(b) [Reserved]
(c)
Lapse and continuation of financing statement.
The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d) of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
(d)
When continuation statement may be filed.
A continuation statement may be filed only within six months before the expiration of the five-year period specified in subsection (a) of this section or the thirty-year period specified in subsection (b) of this section, whichever is applicable.
(e)
Effect of filing continuation statement.
Except as otherwise provided in RCW 62A.9A-510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five-year period, the financing statement lapses in the same manner as provided in subsection (c) of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection (d) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
(f)
Transmitting utility financing statement.
If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
(g)
Record of mortgage as financing statement.
A record of a mortgage that is effective as a financing statement filed as a fixture filing under RCW 62A.9A-502
(c) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
[
2011 c 74 s 403
; 2000 c 250 s 9A-515.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-516
What constitutes filing; effectiveness of filing.
(a)
What constitutes filing.
Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.
(b)
Refusal to accept record; filing does not occur.
Filing does not occur with respect to a record that a filing office refuses to accept because:
(1) The record is not communicated by a method or medium of communication authorized by the filing office;
(2) An amount equal to or greater than the applicable filing fee is not tendered or, in the case of a filing office described in RCW 62A.9A-501
(a)(1), an amount equal to the applicable filing fee is not tendered;
(3) The filing office is unable to index the record because:
(A) In the case of an initial financing statement, the record does not provide a name for the debtor;
(B) In the case of an amendment or information statement, the record:
(i) Does not identify the initial financing statement as required by RCW 62A.9A-512
or
62A.9A-518, as applicable; or
(ii) Identifies an initial financing statement whose effectiveness has lapsed under RCW 62A.9A-515
;
(C) In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or
(D) In the case of a record filed or recorded in the filing office described in RCW 62A.9A-501
(a)(1), the record does not provide a name for the debtor or a sufficient description of the real property to which the record relates;
(4) In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;
(5) In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not:
(A) Provide a mailing address for the debtor; or
(B) Indicate whether the name provided as the name of the debtor is the name of an individual or an organization;
(6) In the case of an assignment reflected in an initial financing statement under RCW 62A.9A-514
(a) or an amendment filed under RCW 62A.9A-514
(b), the record does not provide a name and mailing address for the assignee; or
(7) In the case of a continuation statement, the record is not filed within the six-month period prescribed by RCW 62A.9A-515
(d).
(c)
Rules applicable to subsection (b) of this section.
For purposes of subsection (b) of this section:
(1) A record does not provide information if the filing office is unable to read or decipher the information; and
(2) A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by RCW 62A.9A-512, 62A.9A-514, or
62A.9A-518, is an initial financing statement.
(d)
Refusal to accept record; record effective as filed record.
A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one set forth in subsection (b) of this section, is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.
[
2011 c 74 s 404
;
2001 c 32 s 38
; 2000 c 250 s 9A-516.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-517
Effect of indexing errors.
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
[2000 c 250 s 9A-517.]
RCW 62A.9A-518
Claim concerning inaccurate or wrongfully filed record.
(a)
Statement with respect to record
indexed under person's name.
A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
(b)
Contents of statement under subsection (a) of this section.
An information statement under subsection (a) of this section must:
(1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(2) Indicate that it is an information statement; and
(3) Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
(c)
Statement by secured party of record.
A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under RCW 62A.9A-509
(d).
(d)
Contents of statement under subsection (e) of this section.
An information statement under subsection (c) of this section must:
(1) Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
(2) Indicate that it is an information statement; and
(3) Provide the basis for the person's belief that the person that filed the record was not entitled to do so under RCW 62A.9A-509
(d).
(e)
Record not affected by information statement.
The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
[
2011 c 74 s 405
; 2000 c 250 s 9A-518.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-519
Numbering, maintaining, and indexing records; communicating information provided in records.
(a)
Filing office duties.
For each record filed in a filing office, the filing office shall:
(1) Assign a unique number to the filed record;
(2) Create a record that bears the number assigned to the filed record and the date and time of filing;
(3) Maintain the filed record for public inspection; and
(4) Index the filed record in accordance with subsections (c), (d), and (e) of this section.
(b)
File number.
A file number assigned after January 1, 2002, must include a digit that:
(1) Is mathematically derived from or related to the other digits of the file number; and
(2) Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error.
(c)
Indexing: General.
Except as otherwise provided in subsections (d) and (e) of this section, the filing office shall:
(1) Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and
(2) Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.
(d)
Indexing: Real-property-related financing statement.
If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, it must be filed for record and the filing office shall index it:
(1) Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and
(2) To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.
(e)
Indexing: Real-property-related assignment.
If a financing statement is filed as a fixture filing or covers as-extracted collateral or timber to be cut, the filing office shall index an assignment filed under RCW 62A.9A-514
(a) or an amendment filed under RCW 62A.9A-514
(b):
(1) Under the name of the assignor as grantor; and
(2) To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee.
(f)
Retrieval and association capability.
The filing office shall maintain a capability:
(1) To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and
(2) To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
(g)
Removal of debtor's name.
The filing office may not remove a debtor's name from the index until one year after the effectiveness of a financing statement naming the debtor lapses under RCW 62A.9A-515
with respect to all secured parties of record.
(h)
Timeliness of filing office performance.
The filing office shall perform the acts required by subsections (a) through (e) of this section at the time and in the manner prescribed by filing-office rule, but not later than two business days after the filing office receives the record in question.
(i)
Inapplicability to real-property-related filing office.
Subsections (b) and (h) of this section do not apply to a filing office described in RCW 62A.9A-501
(a)(1).
[2000 c 250 s 9A-519.]
RCW 62A.9A-520
Acceptance and refusal to accept record.
(a)
Mandatory refusal to accept record.
The filing office described in RCW 62A.9A-501
(a)(2) shall refuse to accept a record for filing for a reason set forth in RCW 62A.9A-516
(b). A filing office described in RCW 62A.9A-501
(a)(1) shall refuse to accept a record for filing for a reason set forth in RCW 62A.9A-516
(b) (1) through (4) and any filing office may refuse to accept a record for filing only for a reason set forth in RCW 62A.9A-516
(b).
(b)
Communication concerning refusal.
If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing-office rule but, in the case of a filing office described in RCW 62A.9A-501
(a)(2), in no event more than two business days after the filing office receives the record.
(c)
When filed financing statement effective.
A filed financing statement satisfying RCW 62A.9A-502
(a) and (b) is effective, even if the filing office is required to refuse to accept it for filing under subsection (a) of this section. However, RCW 62A.9A-338
applies to a filed financing statement providing information described in RCW 62A.9A-516
(b)(5) which is incorrect at the time the financing statement is filed.
(d)
Separate application to multiple debtors.
If a record communicated to a filing office provides information that relates to more than one debtor, this part applies as to each debtor separately.
[
2011 c 74 s 721
;
2001 c 32 s 39
; 2000 c 250 s 9A-520.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-521
Uniform form of written financing statement and amendment.
(a)
Initial financing statement form.
A filing office that accepts written records may not refuse to accept a written initial financing statement in the following form and format except for a reason set forth in RCW 62A.9A-516
(b):
UCC FINANCING STATEMENT
FOLLOW INSTRUCTIONS
A.
NAME & PHONE OF CONTACT AT FILER (optional)
B.
EMAIL CONTACT AT FILER (optional)
C.
SEND ACKNOWLEDGMENT TO: (Name and Address)
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1.
DEBTOR'S NAME - provide only
one
Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
1a.
ORGANIZATION'S NAME
OR
1b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
1c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
2.
DEBTOR'S NAME - provide only
one
Debtor name (2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
2a.
ORGANIZATION'S NAME
OR
2b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
2c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
3.
SECURED PARTY'S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY) - provide only
one
secured party name (3a or 3b)
3a.
ORGANIZATION'S NAME
OR
3b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
3c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
4.
COLLATERAL: This Financing Statement covers the following collateral:
5.
Check
only
if applicable and check only
one
box:
Collateral is
□ held in Trust (see Instructions)
□ being administered by a Decedent's Personal Representative.
6a.
Check
only
if applicable and check only
one
box:
□ Public-Finance Transaction
□ Manufactured-Home Transaction
□ A Debtor is a Transmitting Utility
6b.
Check
only
if applicable and check only
one
box:
□ Agricultural Lien
□ Non-UCC Filing
7.
ALTERNATIVE DESIGNATION (if applicable):
□ Lessee/Lessor
□ Cosignee/Cosignor
□ Seller/Buyer
□ Bailee/Bailor
□ Licensee/Licensor
8.
OPTIONAL FILER REFERENCE DATA
[UCC FINANCING STATEMENT (FORM UCC1)] (REV. 09/30/10)
UCC FINANCING STATEMENT ADDENDUM
FOLLOW INSTRUCTIONS
9.
NAME OF FIRST DEBTOR (same as item 1a or 1b on Financing Statement)
9a.
ORGANIZATION'S NAME
OR
9b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
10.
ADDITIONAL DEBTOR'S NAME - provide only
one
Debtor name (10a or 10b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
10a.
ORGANIZATION'S NAME (exact, full name, without any modifications)
OR
10b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
10c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
11.
□ ADDITIONAL SECURED PARTY'S NAME or □ ASSIGNOR SECURED PARTY'S NAME - provide only one name (11a or 11b)
11a.
ORGANIZATION'S NAME
OR
11b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
11c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
12.
ADDITIONAL SPACE FOR ITEM 4 (Collateral)
13.
□ This FINANCING STATEMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS (if applicable)
14.
This FINANCING STATEMENT:
□ covers timber to be cut
□ covers as-extracted collateral
□ is filed as a fixture filing
15.
Name and address of a RECORD OWNER of real estate described in item 16 (if Debtor does not have a record interest)
16.
Description of real estate
17.
Miscellaneous
[UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad)] (REV. 09/30/10)
(b)
Amendment form.
A filing office that accepts written records may not refuse to accept a written record in the following form and format except for a reason set forth in RCW 62A.9A-516
(b):
UCC FINANCING STATEMENT AMENDMENT
FOLLOW INSTRUCTIONS
A.
NAME & PHONE OF CONTACT AT FILER (optional)
B.
EMAIL CONTACT AT FILER (optional)
C.
SEND ACKNOWLEDGMENT TO: (Name and Address)
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1a.
INITIAL FINANCING STATEMENT FILE NUMBER
1b.
This FINANCING STATEMENT AMENDMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS. Filer:
attach
Amendment Addendum (Form UCC3 Ad)
and
provide Debtor's name in item 13.
2.
□ TERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to the security interest(s) of Secured Party authorizing this Termination Statement.
3.
□ ASSIGNMENT (full or partial): Provide name of Assignee in item 7a or 7b,
and
address of Assignee in item 7c and name of Assignor in item 9. For partial assignment, complete items 7 and 9
and also
indicate affected collateral in item 8.
4.
□ CONTINUATION: Effectiveness of the Financing Statement identified above with respect to the security interest(s) of Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law.
5.
□ PARTY INFORMATION CHANGE:
Check
one
of these two boxes:
This Change affects □ Debtor or □ Secured Party of record
AND
Check
one
of these three boxes to:
□ CHANGE name and/or address: Complete item 6a or 6b;
and
item 7a or 7b
and
item 7c.
□ ADD name: Complete item 7a or 7b,
and
item 7c.
□ DELETE name: Give record name to be deleted in item 6a or 6b.
6.
CURRENT RECORD INFORMATION: Complete for Party Information Change - provide only
one
name (6a or 6b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
6a.
ORGANIZATION'S NAME
OR
6b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
7.
CHANGED OR ADDED INFORMATION: Complete for Assignment or Party Information Change - provide only
one
name (7a or 7b) (use exact full name; do not omit, modify, or abbreviate any word in the Debtor's name)
7a.
ORGANIZATION'S NAME
OR
7b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
7c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
8.
□ COLLATERAL CHANGE:
Also check
one
of these four boxes:
□ ADD collateral
□ DELETE collateral
□ RESTATE covered collateral
□ ASSIGN collateral
Indicate collateral:
9.
NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT - provide only one name (9a or 9b) (name of assignor, if this is an Assignment).
If this is an Amendment authorized by a DEBTOR, check here □ and provide name of authorizing Debtor
9a.
ORGANIZATION'S NAME
OR
9b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
10.
OPTIONAL FILER REFERENCE DATA
[UCC FINANCING STATEMENT AMENDMENT (FORM UCC3)] (REV. 09/30/10)
UCC FINANCING STATEMENT AMENDMENT ADDENDUM
FOLLOW INSTRUCTIONS
11.
INITIAL FINANCING STATEMENT FILE NUMBER (same as item 1a on Amendment form)
12.
NAME OF PARTY AUTHORIZING THIS AMENDMENT (same as item 9 on Amendment form)
12a.
ORGANIZATION'S NAME
OR
12b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
13.
Name of DEBTOR on related financing statement (Name of a current Debtor of record required for indexing purposes only in some filing offices - see Instruction for item 13 - insert only one Debtor name (13a or 13b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
13a.
ORGANIZATION'S NAME
OR
13b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
14.
ADDITIONAL SPACE FOR ITEM 8 (Collateral)
15.
This FINANCING STATEMENT AMENDMENT:
□ covers timber to be cut
□ covers as-extracted collateral
□ is filed as a fixture filing
16.
Name and address of a RECORD OWNER of real estate described in item 17 (if Debtor does not have a record interest)
17.
Description of real estate
18.
MISCELLANEOUS:
UCC FINANCING STATEMENT AMENDMENT ADDENDUM (FORM UCC1) (REV. 09/30/10)
[
2011 c 74 s 406
; 2000 c 250 s 9A-521.]
NOTES:
Application--Effective date--2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-522
Maintenance and destruction of records.
(a)
Post-lapse maintenance and retrieval of information.
The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under RCW 62A.9A-515
with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.
(b)
Destruction of written records.
Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a) of this section.
[2000 c 250 s 9A-522.]
RCW 62A.9A-523
Information from filing office; sale or license of records.
(a)
Acknowledgment of filing written record.
If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to RCW 62A.9A-519
(a)(1) and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead:
(1) Note upon the copy the number assigned to the record pursuant to RCW 62A.9A-519
(a)(1) and the date and time of the filing of the record; and
(2) Send the copy to the person.
(b)
Acknowledgment of filing other record.
If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides:
(1) The information in the record;
(2) The number assigned to the record pursuant to RCW 62A.9A-519
(a)(1); and
(3) The date and time of the filing of the record.
(c)
Communication of requested information.
The filing office shall communicate or otherwise make available in a record the following information to any person that requests it:
(1) Whether there is on file on a date and time specified by the filing office, but not a date earlier than three business days before the filing office receives the request, any financing statement that:
(A) Designates a particular debtor or, if the request so states, designates a particular debtor at the address specified in the request;
(B) Has not lapsed under RCW 62A.9A-515
with respect to all secured parties of record; and
(C) If the request so states, has lapsed under RCW 62A.9A-515
and a record of which is maintained by the filing office under RCW 62A.9A-522
(a);
(2) The date and time of filing of each financing statement; and
(3) The information provided in each financing statement.
(d)
Medium for communicating information.
In complying with its duty under subsection (c) of this section, the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing a record that can be admitted into evidence in the courts of this state without extrinsic evidence of its authenticity.
(e)
Timeliness of filing office performance.
The filing office described in RCW 62A.9A-501
(a)(2) shall perform the acts required by subsections (a) through (d) of this section at the time and in the manner prescribed by filing-office rule, but not later than two business days after the filing office receives the request.
(f)
Public availability of records.
At least weekly, the filing office described in RCW 62A.9A-501
(a)(2) shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this part, in every medium from time to time available to the filing office. If information provided pursuant to this section includes a list of individuals, disclosure of the list is specifically authorized.
[
2001 c 32 s 40
; 2000 c 250 s 9A-523.]
NOTES:
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-524
Delay by filing office.
Delay by the filing office beyond a time limit prescribed by this part is excused if:
(1) The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and
(2) The filing office exercises reasonable diligence under the circumstances.
[2000 c 250 s 9A-524.]
RCW 62A.9A-525
Fees.
(a)
Filing with department of licensing.
Except as otherwise provided in subsection (b) or (e) of this section, the fee for filing and indexing a record under this part is the fee set by department of licensing rule pursuant to subsection (f) of this section. Without limitation, different fees may be charged for:
(1) A record that is communicated in writing and consists of one or two pages;
(2) A record that is communicated in writing and consists of more than two pages, which fee may be a multiple of the fee described in (1) of this subsection; and
(3) A record that is communicated by another medium authorized by department of licensing rule, which fee may be a fraction of the fee described in (1) of this subsection.
(b)
Filing with other filing offices.
Except as otherwise provided in subsection (e) of this section, the fee for filing and indexing a record under this part that is filed in a filing office described in RCW 62A.9A-501
(a)(1) is the fee that would otherwise be applicable to the recording of a mortgage in that filing office, as set forth in RCW 36.18.010
.
(c)
Number of names.
The number of names required to be indexed does not affect the amount of the fee in subsections (a) and (b) of this section.
(d)
Response to information request.
The fee for responding to a request for information from a filing office, including for issuing a certificate showing, or otherwise communicating, whether there is on file any financing statement naming a particular debtor, is the fee set by department of licensing rule pursuant to subsection (f) of this section; provided however, if the request is to a filing office described in RCW 62A.9A-501
(a)(1) and that office charges a different fee, then that different fee shall apply instead. Without limitation, different fees may be charged:
(1) If the request is communicated in writing;
(2) If the request is communicated by another medium authorized by filing-office rule; and
(3) If the request is for expedited service.
(e)
Record of mortgage.
This section does not require a fee with respect to a record of a mortgage which is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under RCW 62A.9A-502
(c). However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
(f)
Filing office rules.
(1) The department of licensing shall by rule set the fees called for in this section for filing with, and obtaining information from, the department of licensing. The director shall set fees at a sufficient level to defray the costs of administering the program. All receipts from fees collected under this title, except fees for services covered under RCW 62A.9A-501
(a)(1), shall be deposited to the uniform commercial code fund in the state treasury. Moneys in the fund may be spent only after appropriation and may be used only to administer the uniform commercial code program.
(2) Until July 1, 2030, in addition to fees on filings authorized under this section, the department of licensing shall impose a surcharge of fifteen dollars per filing for paper filings and a surcharge of fifteen dollars per filing for electronic filings. The department shall deposit the proceeds from these surcharges in the financial fraud and identity theft crimes investigation and prosecution account created in RCW 43.330.300
.
(g)
Transition.
This section continues the fee-setting authority conferred on the department of licensing by former *RCW 62A.9-409
and nothing herein shall invalidate fees set by the department of licensing under the authority of former *RCW 62A.9-409
.
[
2020 c 60 s 2
;
2015 c 65 s 2
;
2008 c 290 s 2
; 2000 c 250 s 9A-525.]
NOTES:
*Reviser's note:
RCW 62A.9-409
was repealed by 2000 c 250 s 9A-901, effective July 1, 2001.
Effective date
—
2015 c 65:
See note following RCW 43.330.300
.
RCW 62A.9A-526
Filing-office rules.
(a)
Adoption of filing-office rules.
The department of licensing shall adopt and publish rules to implement this Article. The filing-office rules must be:
(1) Consistent with this Article; and
(2) Adopted and published in accordance with chapter
34.05
RCW.
(b)
Harmonization of rules.
To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the department of licensing, so far as is consistent with the purposes, policies, and provisions of this Article, in adopting, amending, and repealing filing-office rules, shall:
(1) Consult with filing offices in other jurisdictions that enact substantially this part; and
(2) Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(3) Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
[2000 c 250 s 9A-526.]
RCW 62A.9A-527
Duty to report.
The department of licensing shall report annually on or before December 31st to the governor on the operation of the filing office.
[2000 c 250 s 9A-527.]
RCW 62A.9A-601
Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
(a)
Rights of secured party after default.
After default, a secured party has the rights provided in this part and, except as otherwise provided in RCW 62A.9A-602, those provided by agreement of the parties. A secured party:
(1) May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2) If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b)
Rights and duties of secured party in possession or control.
A secured party in possession of collateral or control of collateral under RCW 62A.7-106, 62A.9A-104, 62A.9A-105, 62A.9A-106, 62A.9A-107, 62A.9A-1051, or
62A.9A-1071
has the rights and duties provided in RCW 62A.9A-207
.
(c)
Rights cumulative; simultaneous exercise.
The rights under subsections (a) and (b) of this section are cumulative and may be exercised simultaneously.
(d)
Rights of debtor and obligor.
Except as otherwise provided in subsection (g) of this section and RCW 62A.9A-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e)
Lien of levy after judgment.
If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1) The date of perfection of the security interest or agricultural lien in the collateral;
(2) The date of filing a financing statement covering the collateral; or
(3) Any date specified in a statute under which the agricultural lien was created.
(f)
Execution sale.
A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Article.
(g)
Consignor or buyer of certain rights to payment.
Except as otherwise provided in RCW 62A.9A-607
(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
(h)
Enforcement restrictions.
All rights and remedies provided in this part with respect to promissory notes or an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license, or franchise, are subject to RCW 62A.9A-408
to the extent applicable.
[
2023 c 266 s 938
;
2012 c 214 s 1518
; (2012 c 214 s 1517 expired July 1, 2013);
2011 c 74 s 722
; 2000 c 250 s 9A-601.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Effective date
—
2012 c 214 ss 902, 1403, 1502, 1508, 1511, 1514, 1516, and 1518:
See note following RCW 62A.2A-103
.
Expiration date
—
2012 c 214 ss 901, 1402, 1501, 1507, 1510, 1513, 1515, and 1517:
See note following RCW 62A.2A-103
.
Application
—
Savings
—
2012 c 214:
See notes following RCW 62A.1-101
.
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-602
Waiver and variance of rights and duties.
Except as otherwise provided in RCW 62A.9A-624, to the extent that they give rights to an obligor (other than a secondary obligor) or a debtor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1) RCW 62A.9A-207
(b)(4)(C), which deals with use and operation of the collateral by the secured party;
(2) RCW 62A.9A-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) RCW 62A.9A-607
(c), which deals with collection and enforcement of collateral;
(4) RCW 62A.9A-608
(a) and
62A.9A-615
(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) RCW 62A.9A-608
(a) and
62A.9A-615
(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) RCW 62A.9A-609
to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7) RCW 62A.9A-610
(b), 62A.9A-611, 62A.9A-613, and
62A.9A-614, which deal with disposition of collateral;
(8) [Reserved]
(9) RCW 62A.9A-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) RCW 62A.9A-620, 62A.9A-621, and
62A.9A-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) RCW 62A.9A-623, which deals with redemption of collateral;
(12) RCW 62A.9A-624, which deals with permissible waivers; and
(13) RCW 62A.9A-625
and
62A.9A-626, which deal with the secured party's liability for failure to comply with this Article.
[
2011 c 74 s 723
; 2000 c 250 s 9A-602.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-603
Agreement on standards concerning rights and duties.
(a)
Agreed standards.
The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in RCW 62A.9A-602
if the standards are not manifestly unreasonable.
(b)
Agreed standards inapplicable to breach of peace.
Subsection (a) of this section does not apply to the duty under RCW 62A.9A-609
to refrain from breaching the peace.
[2000 c 250 s 9A-603.]
RCW 62A.9A-604
Procedure if security agreement covers real property, fixtures, or manufactured home.
(a)
Enforcement: Personal and real property.
If a security agreement covers both personal and real property, a secured party may proceed:
(1) Under this part as to the personal property without prejudicing any rights with respect to the real property; or
(2) As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
(b)
Enforcement: Fixtures.
Subject to subsection (c) of this section, if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1) Under this part; or
(2) In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c)
Removal of fixtures or manufactured home.
Subject to the other provisions of this part, if a secured party holding a security interest in fixtures or a manufactured home has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d)
Injury caused by removal.
A secured party that removes collateral consisting of fixtures or a manufactured home shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
[2000 c 250 s 9A-604.]
RCW 62A.9A-605
Unknown debtor or secondary obligor.
(a)
In general: No duty owed by secured party.
Except as provided in subsection (b) of this section, a secured party does not owe a duty based on its status as secured party:
(1) To a person that is a debtor or obligor, unless the secured party knows:
(A) That the person is a debtor or obligor;
(B) The identity of the person; and
(C) How to communicate with the person; or
(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) That the person is a debtor; and
(B) The identity of the person.
(b)
Exception: Secured party owes duty to debtor or obligor.
A secured party owes a duty based on its status as a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(1) The person is a debtor or obligor; and
(2) The secured party knows that the information in subsection (a)(1)(A), (B), or (C) of this section relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral, or the system in which the collateral is recorded.
[
2023 c 266 s 939
; 2000 c 250 s 9A-605.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
RCW 62A.9A-606
Time of default for agricultural lien.
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
[2000 c 250 s 9A-606.]
RCW 62A.9A-607
Collection and enforcement by secured party.
(a)
Collection and enforcement generally.
If so agreed, and in any event after default, a secured party:
(1) May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2) May take any proceeds to which the secured party is entitled under RCW 62A.9A-315
;
(3) May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4) If it holds a security interest in a deposit account perfected by control under RCW 62A.9A-104
(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5) If it holds a security interest in a deposit account perfected by control under RCW 62A.9A-104
(a) (2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b)
Nonjudicial enforcement of mortgage.
If necessary to enable a secured party to exercise, under subsection (a)(3) of this section, the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded the secured party's sworn affidavit stating that:
(1) Default has occurred with respect to the obligation secured by the mortgage;
(2) A copy of the security agreement that creates or provides for a security interest in the obligations secured by the mortgage is attached to the affidavit; and
(3) The secured party is entitled to enforce the mortgage nonjudicially.
If the secured party's affidavit and attached copy of the security agreement in the form prescribed by chapter
65.04
RCW are presented with the applicable fee to the office in which a record of the mortgage is recorded, the affidavit and attached copy of the security agreement shall be recorded pursuant to RCW 65.04.030
(3).
(c)
Commercially reasonable collection and enforcement.
A secured party shall proceed in a commercially reasonable manner if the secured party:
(1) Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2) Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d)
Expenses of collection and enforcement.
A secured party may deduct from the collections made pursuant to subsection (c) of this section reasonable expenses of collection and enforcement, including reasonable attorneys' fees and legal expenses incurred by the secured party.
(e)
Duties to secured party not affected.
This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
[
2011 c 74 s 501
; 2000 c 250 s 9A-607.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-608
Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
(a)
Application of proceeds, surplus, and deficiency if obligation secured.
If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under RCW 62A.9A-607
in the following order to:
(A) The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorneys' fees and legal expenses incurred by the secured party;
(B) The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives a signed demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under (1)(C) of this subsection.
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under RCW 62A.9A-607
unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b)
No surplus or deficiency in sales of certain rights to payment.
If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
[
2023 c 266 s 940
;
2001 c 32 s 41
; 2000 c 250 s 9A-608.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-609
Secured party's right to take possession after default.
(a)
Possession; rendering equipment unusable; disposition on debtor's premises.
After default, a secured party:
(1) May take possession of the collateral; and
(2) Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under RCW 62A.9A-610
.
(b)
Judicial and nonjudicial process.
A secured party may proceed under subsection (a) of this section:
(1) Pursuant to judicial process; or
(2) Without judicial process, if it proceeds without breach of the peace.
(c)
Assembly of collateral.
If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
[2000 c 250 s 9A-609.]
RCW 62A.9A-610
Disposition of collateral after default.
(a)
Disposition after default.
After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b)
Commercially reasonable disposition.
Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c)
Purchase by secured party.
A secured party may purchase collateral:
(1) At a public disposition; or
(2) At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d)
Warranties on disposition.
A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e)
Disclaimer of warranties.
A secured party may disclaim or modify warranties under subsection (d) of this section:
(1) In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f)
Record sufficient to disclaim warranties.
A record is sufficient to disclaim under subsection (e) of this section all warranties included under subsection (d) of this section if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
[2000 c 250 s 9A-610.]
RCW 62A.9A-611
Notification before disposition of collateral.
(a)
"Notification date."
In this section, "notification date" means the earlier of the date on which:
(1) A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or
(2) The debtor and any secondary obligor waive the right to notification.
(b)
Notification of disposition required.
Except as otherwise provided in subsection (d) of this section, a secured party that disposes of collateral under RCW 62A.9A-610
shall send to the persons specified in subsection (c) of this section a reasonable signed notification of disposition.
(c)
Persons to be notified.
To comply with subsection (b) of this section, the secured party shall send a signed notification of disposition to:
(1) The debtor;
(2) Any secondary obligor; and
(3) If the collateral is other than consumer goods:
(A) Any other secured party or lienholder that, 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
(B) Any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in RCW 62A.9A-311
(a).
(d)
Subsection (b) of this section inapplicable: Perishable collateral; recognized market.
Subsection (b) of this section 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)
Compliance with subsection (c)(3)(A) of this section.
A secured party complies with the requirement for notification prescribed by subsection (c)(3)(A) of this section if:
(1) Not later than 20 days or earlier than 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 subsection (c)(3)(A) of this section; and
(2) 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 a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
[
2023 c 266 s 941
;
2011 c 74 s 724
; 2000 c 250 s 9A-611.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-612
Timeliness of notification before disposition of collateral.
(a)
Reasonable time is question of fact.
Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact.
(b)
Ten-day period sufficient in nonconsumer transaction.
In a transaction other than a consumer transaction, a notification of disposition sent after default and ten days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
[2000 c 250 s 9A-612.]
RCW 62A.9A-613
Contents and form of notification before disposition of collateral: General.
(a)
Contents and form of notification.
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification:
(A) Describes the debtor and the secured party;
(B) Describes the collateral that is the subject of the intended disposition;
(C) States the method of intended disposition;
(D) States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E) States the time and place of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in subsection (1) of this section are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in subsection (1) of this section are sufficient, even if the notification includes:
(A) Information not specified by subsection (1) of this section; or
(B) Minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(5) The following form of notification and the form appearing in RCW 62A.9A-614
(a)(3), when completed in accordance with the instructions in subsection (b) of this section and RCW 62A.9A-614
(b), each provides sufficient information:
NOTIFICATION OF DISPOSITION
OF COLLATERAL
To:
(Name of debtor, obligor, or other person to which the notification is sent)
From:
(Name, address, and telephone number of secured party)
{1} Name of any debtor that is not an addressee: (Name of each debtor)
{2} We will sell
(describe collateral)
(to the highest qualified bidder) at public sale. A sale could include a lease or license. The sale will be held as follows:
(Date)
(Time)
(Place)
{3} We will sell
(describe collateral)
at private sale sometime after (date). A sale could include a lease or license.
{4} You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell or, as applicable, lease or license.
{5} If you request an accounting you must pay a charge of
$(amount)
.
{6} You may request an accounting by calling us at (telephone number).
[End of Form]
(b)
Instructions for form of notification.
The following instructions apply to the form of notification in subsection (a)(5) of this section:
(1) The instructions in this subsection refer to the numbers in braces before items in the form of notification in subsection (a)(5) of this section. Do not include the numbers or braces in the notification. The numbers and braces are used only for the purpose of these instructions.
(2) Include and complete item {1} only if there is a debtor that is not an addressee of the notification and list the name or names.
(3) Include and complete either item {2}, if the notification relates to a public disposition of the collateral, or item {3}, if the notification relates to a private disposition of the collateral. If item {2} is included, include the words "to the highest qualified bidder" only if applicable.
(4) Include and complete items {4} and {6}.
(5) Include and complete item {5} only if the sender will charge the recipient for an accounting.
[
2023 c 266 s 942
;
2001 c 32 s 42
; 2000 c 250 s 9A-613.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-614
Contents and form of notification before disposition of collateral: Consumer-goods transaction.
(a)
Contents and form of notification.
In a consumer-goods transaction, the following rules apply:
(1) A notification of disposition must provide the following information:
(A) The information specified in RCW 62A.9A-613
(a)(1);
(B) A description of any liability for a deficiency of the person to which the notification is sent;
(C) A telephone number from which the amount that must be paid to the secured party to redeem the collateral under RCW 62A.9A-623
is available; and
(D) A telephone number or mailing address from which additional information concerning the disposition and the obligation secured is available.
(2) A particular phrasing of the notification is not required.
(3) The following form of notification, when completed in accordance with the instructions in subsection (b) of this section, provides sufficient information:
(Name and address of secured party)
(Date)
NOTICE OF OUR PLAN TO SELL PROPERTY
(Name and address of any obligor who is also a debtor)
Subject:
(Identify transaction)
We have your
(describe collateral)
, because you broke promises in our agreement.
{1} We will sell (describe collateral)
at public sale. A sale could include a lease or license. The sale will be held as follows:
(Date)
(Time)
(Place)
You may attend the sale and bring bidders if you want.
{2} We will sell
(describe collateral)
at private sale sometime after
(date)
. A sale could include a lease or license.
{3} The money that we get from the sale, after paying our costs, will reduce the amount you owe. If we get less money than you owe, you (will or will not, as applicable) still owe us the difference. If we get more money than you owe, you will get the extra money, unless we must pay it to someone else.
{4} You can get the property back at any time before we sell it by paying us the full amount you owe, not just the past due payments, including our expenses. To learn the exact amount you must pay, call us at
(telephone number)
.
{5} If you want us to explain to you in (writing) (writing or in (description of electronic record)) (description of electronic record) how we have figured the amount that you owe us, {6} call us at
(telephone number)
(or) (write us at
(secured party's address)
) (or contact us by (description of electronic communication method)) {7} and request (a written explanation) (a written explanation or an explanation in (description of electronic record)) (an explanation in (description of electronic record)).
{8} We will charge you $
(amount)
for the explanation if we sent you another written explanation of the amount you owe us within the last six months.
{9} If you need more information about the sale (call us at
(telephone number)
) (or) (write us at
(secured party's address)
) (or contact us by (description of electronic communication method)).
{10} We are sending this notice to the following other people who have an interest in
(describe collateral)
or who owe money under your agreement:
(Names of all other debtors and obligors, if any)
[End of Form]
(b)
Instructions for form of notification.
The following instructions apply to the form of notification in subsection (a)(3) of this section:
(1) The instructions in this subsection refer to the numbers in braces before items in the form of notification in subsection (a)(3) of this section. Do not include the numbers or braces in the notification. The numbers and braces are used only for the purpose of these instructions.
(2) Include and complete either item {1}, if the notification relates to a public disposition of the collateral, or item {2}, if the notification relates to a private disposition of the collateral.
(3) Include and complete items {3}, {4}, {5}, {6}, and {7}.
(4) In item {5}, include and complete any one of the three alternative methods for the explanation
—
writing, writing or electronic record, or electronic record.
(5) In item {6}, include the telephone number. In addition, the sender may include and complete either or both of the two additional alternative methods of communication
—
writing or electronic communication
—
for the recipient of the notification to communicate with the sender. Neither of the two additional methods of communication is required to be included.
(6) In item {7}, include and complete the method or methods for the explanation
—
writing, writing or electronic record, or electronic record
—
included in item {5}.
(7) Include and complete item {8} only if a written explanation is included in item {5} as a method for communicating the explanation and the sender will charge the recipient for another written explanation.
(8) In item {9}, include either the telephone number or the address or both the telephone number and the address. In addition, the sender may include and complete the additional method of communication
—
electronic communication
—
for the recipient of the notification to communicate with the sender. The additional method of electronic communication is not required to be included.
(9) If item {10} does not apply, insert "None" after "agreement:".
(c)(1) A notification in the form of subsection (a)(3) of this section is sufficient, even if additional information appears at the end of the form.
(2) A notification in the form of subsection (a)(3) of this section is sufficient, even if it includes errors in information not required by subsection (a)(1) of this section, unless the error is misleading with respect to rights arising under this Article.
(3) If a notification under this section is not in the form of subsection (a)(3) of this section, law other than this Article determines the effect of including information not required by subsection (a)(1) of this section.
[
2023 c 266 s 943
; 2000 c 250 s 9A-614.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
RCW 62A.9A-615
Application of proceeds of disposition; liability for deficiency and right to surplus.
(a)
Application of proceeds.
A secured party shall apply or pay over for application the cash proceeds of disposition under RCW 62A.9A-610
in the following order to:
(1) The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorneys' fees and legal expenses incurred by the secured party;
(2) The satisfaction of obligations secured by the security interest or agricultural lien under which the disposition is made;
(3) The satisfaction of obligations secured by any subordinate security interest in or other subordinate lien on the collateral if:
(A) The secured party receives from the holder of the subordinate security interest or other lien a signed demand for proceeds before distribution of the proceeds is completed; and
(B) In a case in which a consignor has an interest in the collateral, the subordinate security interest or other lien is senior to the interest of the consignor; and
(4) A secured party that is a consignor of the collateral if the secured party receives from the consignor a signed demand for proceeds before distribution of the proceeds is completed.
(b)
Proof of subordinate interest.
If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder does so, the secured party need not comply with the holder's demand under subsection (a)(3) of this section.
(c)
Application of noncash proceeds.
A secured party need not apply or pay over for application noncash proceeds of disposition under RCW 62A.9A-610
unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(d)
Surplus or deficiency if obligation secured.
If the security interest under which a disposition is made secures payment or performance of an obligation, after making the payments and applications required by subsection (a) of this section and permitted by subsection (c) of this section:
(1) Unless subsection (a)(4) of this section requires the secured party to apply or pay over cash proceeds to a consignor, the secured party shall account to and pay a debtor for any surplus; and
(2) The obligor is liable for any deficiency.
(e)
No surplus or deficiency in sales of certain rights to payment.
If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes:
(1) The debtor is not entitled to any surplus; and
(2) The obligor is not liable for any deficiency.
(f) [Reserved.]
(g)
Cash proceeds received by junior secured party.
A secured party that receives cash proceeds of a disposition in good faith and without knowledge that the receipt violates the rights of the holder of a security interest or other lien that is not subordinate to the security interest or agricultural lien under which the disposition is made:
(1) Takes the cash proceeds free of the security interest or other lien;
(2) Is not obligated to apply the proceeds of the disposition to the satisfaction of obligations secured by the security interest or other lien; and
(3) Is not obligated to account to or pay the holder of the security interest or other lien for any surplus.
[
2023 c 266 s 944
;
2001 c 32 s 43
; 2000 c 250 s 9A-615.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-616
Explanation of calculation of surplus or deficiency.
(a)
Definitions.
In this section:
(1) "Explanation" means a record that:
(A) States the amount of the surplus or deficiency;
(B) Provides an explanation in accordance with subsection (c) of this section of how the secured party calculated the surplus or deficiency;
(C) States, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; and
(D) Provides a telephone number or mailing address from which additional information concerning the transaction is available.
(2) "Request" means a record:
(A) Signed by a debtor or consumer obligor;
(B) Requesting that the recipient provide an explanation; and
(C) Sent after disposition of the collateral under RCW 62A.9A-610
.
(b)
Explanation of calculation.
In a consumer-goods transaction in which the debtor is entitled to a surplus or a consumer obligor is liable for a deficiency under RCW 62A.9A-615, the secured party shall:
(1) Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:
(A) Before or when the secured party accounts to the debtor and pays any surplus or first makes demand in a record on the consumer obligor after the disposition for payment of the deficiency; and
(B) Within 14 days after receipt of a request; or
(2) In the case of a consumer obligor who is liable for a deficiency, within 14 days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.
(c)
Required information.
To comply with subsection (a)(1)(B) of this section, an explanation must provide the following information in the following order:
(1) The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:
(A) If the secured party takes or receives possession of the collateral after default, not more than thirty-five days before the secured party takes or receives possession; or
(B) If the secured party takes or receives possession of the collateral before default or does not take possession of the collateral, not more than thirty-five days before the disposition;
(2) The amount of proceeds of the disposition;
(3) The aggregate amount of the obligations after deducting the amount of proceeds;
(4) The amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorneys' fees secured by the collateral which are known to the secured party and relate to the current disposition;
(5) The amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in (1) of this subsection; and
(6) The amount of the surplus or deficiency.
(d)
Substantial compliance.
A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) of this section is sufficient, even if it includes minor errors that are not seriously misleading.
(e)
Charges for responses.
A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b)(1) of this section. The secured party may require payment of a charge not exceeding twenty-five dollars for each additional response.
[
2023 c 266 s 945
; 2000 c 250 s 9A-616.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
RCW 62A.9A-617
Rights of transferee of collateral.
(a)
Effects of disposition.
A secured party's disposition of collateral after default:
(1) Transfers to a transferee for value all of the debtor's rights in the collateral;
(2) Discharges the security interest under which the disposition is made; and
(3) Discharges any subordinate security interest or other subordinate lien.
(b)
Rights of good-faith transferee.
A transferee that acts in good faith takes free of the rights and interests described in subsection (a) of this section, even if the secured party fails to comply with this Article or the requirements of any judicial proceeding.
(c)
Rights of other transferee.
If a transferee does not take free of the rights and interests described in subsection (a) of this section, the transferee takes the collateral subject to:
(1) The debtor's rights in the collateral;
(2) The security interest or agricultural lien under which the disposition is made; and
(3) Any other security interest or other lien.
[2000 c 250 s 9A-617.]
RCW 62A.9A-618
Rights and duties of certain secondary obligors.
(a)
Rights and duties of secondary obligor.
A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1) Receives an assignment of a secured obligation from the secured party;
(2) Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) Is subrogated to the rights of a secured party with respect to collateral.
(b)
Effect of assignment, transfer, or subrogation.
An assignment, transfer, or subrogation described in subsection (a) of this section:
(1) Is not a disposition of collateral under RCW 62A.9A-610
; and
(2) Relieves the secured party of further duties under this Article.
[2000 c 250 s 9A-618.]
RCW 62A.9A-619
Transfer of record or legal title.
(a)
"Transfer statement."
In this section, "transfer statement" means a record signed by a secured party stating:
(1) That the debtor has defaulted in connection with an obligation secured by specified collateral;
(2) That the secured party has exercised its post-default remedies with respect to the collateral;
(3) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) The name and mailing address of the secured party, debtor, and transferee.
(b)
Effect of transfer statement.
A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) Accept the transfer statement;
(2) Promptly amend its records to reflect the transfer; and
(3) If applicable, issue a new appropriate certificate of title in the name of the transferee.
(c)
Transfer not a disposition; no relief of secured party's duties.
A transfer of the record or legal title to collateral to a secured party under subsection (b) of this section or otherwise is not of itself a disposition of collateral under this Article and does not of itself relieve the secured party of its duties under this Article.
[
2023 c 266 s 946
; 2000 c 250 s 9A-619.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
RCW 62A.9A-620
Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
(a)
Conditions to acceptance in satisfaction.
A secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:
(1) The debtor consents to the acceptance under subsection (c) of this section;
(2) The secured party does not receive, within the time set forth in subsection (d) of this section, a notification of objection to the proposal signed by:
(A) A person to which the secured party was required to send a proposal under RCW 62A.9A-621
; or
(B) Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal; and
(3) Subsection (e) of this section does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to RCW 62A.9A-624
.
(b)
Purported acceptance ineffective.
A purported or apparent acceptance of collateral under this section is ineffective unless:
(1) The secured party consents to the acceptance in a signed record or sends a proposal to the debtor; and
(2) The conditions of subsection (a) of this section are met.
(c)
Debtor's consent.
For purposes of this section:
(1) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default; and
(2) A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default or the secured party:
(A) Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;
(B) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and
(C) Does not receive a notification of objection signed by the debtor within 20 days after the proposal is sent.
(d)
Effectiveness of notification.
To be effective under subsection (a)(2) of this section, a notification of objection must be received by the secured party:
(1) In the case of a person to which the proposal was sent pursuant to RCW 62A.9A-621, within 20 days after notification was sent to that person; and
(2) In other cases:
(A) Within 20 days after the last notification was sent pursuant to RCW 62A.9A-621
; or
(B) If a notification was not sent, before the debtor consents to the acceptance under subsection (c) of this section.
(e)
Mandatory disposition of consumer goods.
A secured party that has taken possession of collateral shall dispose of the collateral pursuant to RCW 62A.9A-610
within the time specified in subsection (f) of this section if:
(1) Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or
(2) Sixty percent of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.
(f)
Compliance with mandatory disposition requirement.
To comply with subsection (e) of this section, the secured party shall dispose of the collateral:
(1) Within ninety days after taking possession; or
(2) Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and signed after default.
[
2023 c 266 s 947
; 2000 c 250 s 9A-620.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
RCW 62A.9A-621
Notification of proposal to accept collateral.
(a)
Persons to which proposal to be sent.
A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) 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:
(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
(2) 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 RCW 62A.9A-311
(a).
(b)
Proposal to be sent to secondary obligor in partial satisfaction.
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) of this section.
[
2023 c 266 s 948
;
2011 c 74 s 725
; 2000 c 250 s 9A-621.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-622
Effect of acceptance of collateral.
(a)
Effect of acceptance.
A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) Discharges the obligation to the extent consented to by the debtor;
(2) Transfers to the secured party all of a debtor's rights in the collateral;
(3) Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4) Terminates any other subordinate interest.
(b)
Discharge of subordinate interest notwithstanding noncompliance.
A subordinate interest is discharged or terminated under subsection (a) of this section, even if the secured party fails to comply with this Article.
[2000 c 250 s 9A-622.]
RCW 62A.9A-623
Right to redeem collateral.
(a)
Persons that may redeem.
A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b)
Requirements for redemption.
To redeem collateral, a person shall tender:
(1) Fulfillment of all obligations secured by the collateral; and
(2) The reasonable expenses and attorneys' fees described in RCW 62A.9A-615
(a)(1).
(c)
When redemption may occur.
A redemption may occur at any time before a secured party:
(1) Has collected collateral under RCW 62A.9A-607
;
(2) Has disposed of collateral or entered into a contract for its disposition under RCW 62A.9A-610
; or
(3) Has accepted collateral in full or partial satisfaction of the obligation it secures under RCW 62A.9A-622
.
[2000 c 250 s 9A-623.]
RCW 62A.9A-624
Waiver.
(a)
Waiver of disposition notification.
A debtor may waive the right to notification of disposition of collateral under RCW 62A.9A-611
only by an agreement to that effect entered into and signed after default.
(b)
Waiver of mandatory disposition.
A debtor may waive the right to require disposition of collateral under RCW 62A.9A-620
(e) only by an agreement to that effect entered into and signed after default.
(c)
Waiver of redemption right.
Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under RCW 62A.9A-623
only by an agreement to that effect entered into and signed after default.
[
2023 c 266 s 949
; 2000 c 250 s 9A-624.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
RCW 62A.9A-625
Remedies for secured party's failure to comply with Article.
(a)
Judicial orders concerning noncompliance.
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)
Damages for noncompliance.
Subject to subsections (c), (d), and (f) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this Article or by filing a false statement under RCW 62A.9A-607
(b) or
62A.9A-619
. 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)
Persons entitled to recover damages; statutory damages in consumer-goods transaction.
Except as otherwise provided in RCW 62A.9A-628
:
(1) 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) of this section for its loss; and
(2) 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 of the principal amount of the obligation or the time-price differential plus ten percent of the cash price.
(d)
Recovery when deficiency eliminated or reduced.
A debtor whose deficiency is eliminated under RCW 62A.9A-626
may recover damages for the loss of any surplus. However, a debtor or secondary obligor may not recover under subsection (b) or (c)(2) of this section for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance to the extent that its deficiency is eliminated or reduced under RCW 62A.9A-626
.
(e)
Statutory damages: Noncompliance with specified provisions.
In addition to any damages recoverable under subsection (b) of this section, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover five hundred dollars in each case from a person that:
(1) Fails to comply with RCW 62A.9A-208
;
(2) Fails to comply with RCW 62A.9A-209
;
(3) Files a record that the person is not entitled to file under RCW 62A.9A-509
(a);
(4) Fails to cause the secured party of record to file or send a termination statement as required by RCW 62A.9A-513
(a) or (c) within twenty days after the secured party receives an authenticated demand from a debtor;
(5) Fails to comply with RCW 62A.9A-616
(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or
(6) Fails to comply with RCW 62A.9A-616
(b)(2).
(f)
Statutory damages: Noncompliance with RCW 62A.9A-210
.
A debtor or consumer obligor may recover damages under subsection (b) of this section and, in addition, five hundred dollars in each case from a person that, without reasonable cause, fails to comply with a request under RCW 62A.9A-210
. A recipient of a request under RCW 62A.9A-210
which never claimed an interest in the collateral or obligations that are the subject of a request under RCW 62A.9A-210
has a reasonable excuse for failure to comply with the request within the meaning of this subsection.
(g)
Limitation of security interest: Noncompliance with RCW 62A.9A-210
.
If a secured party fails to comply with a request regarding a list of collateral or a statement of account under RCW 62A.9A-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.
[
2011 c 74 s 726
;
2001 c 32 s 44
; 2000 c 250 s 9A-625.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-626
Action in which deficiency or surplus is in issue.
(a)
Applicable rules if amount of deficiency or surplus in issue.
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 this part 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 this part.
(3) Except as otherwise provided in RCW 62A.9A-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part 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 attorneys' 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 this part relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of (3)(B) of this subsection, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorneys' fees unless the secured party proves that the amount is less than that sum.
(b) [Reserved]
[2000 c 250 s 9A-626.]
RCW 62A.9A-627
Determination of whether conduct was commercially reasonable.
(a)
Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness.
The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b)
Dispositions that are commercially reasonable.
A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) In the usual manner on any recognized market;
(2) At the price current in any recognized market at the time of the disposition; or
(3) Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c)
Approval by court or on behalf of creditors.
A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) In a judicial proceeding;
(2) By a bona fide creditors' committee;
(3) By a representative of creditors; or
(4) By an assignee for the benefit of creditors.
(d)
Approval under subsection (c) of this section not necessary; absence of approval has no effect.
Approval under subsection (c) of this section need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
[2000 c 250 s 9A-627.]
RCW 62A.9A-628
Nonliability and limitation on liability of secured party; liability of secondary obligor.
(a)
Limitation of liability of secured party for noncompliance with article.
Subject to subsection (f) of this section, unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this Article; and
(2) The secured party's failure to comply with this Article does not affect the liability of the person for a deficiency.
(b)
Limitation of liability based on status as secured party.
Subject to subsection (f) of this section, a secured party is not liable because of its status as secured party:
(1) To a person that is a debtor or obligor, unless the secured party knows:
(A) That the person is a debtor or obligor;
(B) The identity of the person; and
(C) How to communicate with the person; or
(2) To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) That the person is a debtor; and
(B) The identity of the person.
(c)
Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction.
A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) An obligor's representation concerning the purpose for which a secured obligation was incurred.
(d)
Limitation of liability for statutory damages.
A secured party is not liable to any person under RCW 62A.9A-625
(c)(2) for its failure to comply with RCW 62A.9A-616
.
(e)
Limitation of multiple liability for statutory damages.
A secured party is not liable under RCW 62A.9A-625
(c)(2) more than once with respect to any one secured obligation.
(f)
Exception: Limitation of liability under subsections (a) and (b) of this section does not apply.
Subsections (a) and (b) of this section do not apply to limit the liability of a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(1) The person is a debtor or obligor; and
(2) The secured party knows that the information in subsection (b)(1)(A), (B), or (C) of this section relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral, or the system in which the collateral is recorded.
[
2023 c 266 s 950
;
2011 c 74 s 727
;
2001 c 32 s 45
; 2000 c 250 s 9A-628.]
NOTES:
Construction
—
Effective date
—
2023 c 266:
See notes following RCW 62A.12-101
.
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-701
Effective date
—
2000 c 250.
This act takes effect July 1, 2001.
[2000 c 250 s 9A-701.]
RCW 62A.9A-702
Savings clause.
(a)
Preeffective-date transactions or liens.
Except as otherwise provided in this section, Article 62A.9A RCW applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.
(b)
Continuing validity.
Except as otherwise provided in subsection (c) of this section and RCW 62A.9A-703
through
62A.9A-709
:
(1) Transactions and liens that were not governed by *Article 62A.9 RCW, were validly entered into or created before July 1, 2001, and would be subject to Article 62A.9A RCW if they had been entered into or created after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid after July 1, 2001; and
(2) The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by Article 62A.9A RCW or by the law that otherwise would apply if Article 62A.9A RCW had not taken effect.
(c)
Preeffective-date proceedings.
Article 62A.9A RCW does not affect an action, case, or proceeding commenced before July 1, 2001.
[
2001 c 32 s 46
; 2000 c 250 s 9A-702.]
NOTES:
*
Reviser's note:
Article 62A.9 RCW was repealed in its entirety by 2000 c 250 s 9A-901, effective July 1, 2001.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-703
Security interest perfected before effective date.
(a)
Continuing priority over lien creditor: Perfection requirements satisfied.
A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under Article 62A.9A RCW if, on or before July 1, 2001, the applicable requirements for enforceability and perfection under Article 62A.9A RCW are satisfied without further action.
(b)
Continuing priority over lien creditor: Perfection requirements not satisfied.
Except as otherwise provided in RCW 62A.9A-705, if, immediately before July 1, 2001, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under Article 62A.9A RCW are not satisfied on or before July 1, 2001, the security interest:
(1) Is a perfected security interest for one year after July 1, 2001;
(2) Remains enforceable thereafter only if the security interest becomes enforceable under RCW 62A.9A-203
before the year expires; and
(3) Remains perfected thereafter only if the applicable requirements for perfection under Article 62A.9A RCW are satisfied before the year expires.
[
2001 c 32 s 47
; 2000 c 250 s 9A-703.]
NOTES:
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-704
Security interest unperfected before effective date.
A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) Remains an enforceable security interest for one year after July 1, 2001;
(2) Remains enforceable thereafter if the security interest becomes enforceable under RCW 62A.9A-203
on or before July 1, 2001, or within one year thereafter; and
(3) Becomes perfected:
(A) Without further action, on July 1, 2001, if the applicable requirements for perfection under Article 62A.9A RCW are satisfied before or at that time; or
(B) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
[
2001 c 32 s 48
; 2000 c 250 s 9A-704.]
NOTES:
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-705
Effectiveness of action taken before effective date.
(a)
Preeffective-date action; one-year perfection period unless reperfected.
If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before July 1, 2001, the action is effective to perfect a security interest that attaches under Article 62A.9A RCW within one year after July 1, 2001. An attached security interest becomes unperfected one year after July 1, 2001, unless the security interest becomes a perfected security interest under Article 62A.9A RCW before the expiration of that period.
(b)
Preeffective-date filing.
The filing of a financing statement before July 1, 2001, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 62A.9A RCW.
(c)
Preeffective-date filing in jurisdiction formerly governing perfection.
Article 62A.9A RCW does not render ineffective an effective financing statement that, before July 1, 2001, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former *RCW 62A.9-103
. However, except as otherwise provided in subsections (d) and (e) of this section and RCW 62A.9A-706, the financing statement ceases to be effective at the earlier of:
(1) The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2) June 30, 2006.
(d)
Continuation statement.
The filing of a continuation statement after July 1, 2001, does not continue the effectiveness of the financing statement filed before July 1, 2001. However, upon the timely filing of a continuation statement after July 1, 2001, and in accordance with the law of the jurisdiction governing perfection as provided in Part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2001, continues for the period provided by the law of that jurisdiction.
(e)
Application of subsection (c)(2) of this section to transmitting utility financing statement.
Subsection (c)(2) of this section applies to a financing statement that, before July 1, 2001, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former *RCW 62A.9-103
only to the extent that Part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(f)
Application of Part 5.
A financing statement that includes a financing statement filed before July 1, 2001, and a continuation statement filed after July 1, 2001, is effective only to the extent that it satisfies the requirements of Part 5 for an initial financing statement.
[
2001 c 32 s 49
; 2000 c 250 s 9A-705.]
NOTES:
*Reviser's note:
RCW 62A.9-103
was repealed by 2000 c 250 s 9A-901, effective July 1, 2001.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-706
When initial financing statement suffices to continue effectiveness of financing statement.
(a)
Initial financing statement in lieu of continuation statement.
The filing of an initial financing statement in the office specified in RCW 62A.9A-501
continues the effectiveness of a financing statement filed before July 1, 2001, if:
(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under Article 62A.9A RCW;
(2) The preeffective-date financing statement was filed in an office in another state or another office in this state; and
(3) The initial financing statement satisfies subsection (c) of this section.
(b)
Period of continued effectiveness.
The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the preeffective-date financing statement:
(1) If the initial financing statement is filed before July 1, 2001, for the period provided in *RCW 62A.9-403
with respect to a financing statement; and
(2) If the initial financing statement is filed after July 1, 2001, for the period provided in RCW 62A.9A-515
with respect to an initial financing statement.
(c)
Requirements for initial financing statement under subsection (a) of this section.
To be effective for purposes of subsection (a) of this section, an initial financing statement must:
(1) Satisfy the requirements of Part 5 for an initial financing statement;
(2) Identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) Indicate that the preeffective-date financing statement remains effective.
[
2001 c 32 s 50
; 2000 c 250 s 9A-706.]
NOTES:
*
Reviser's note:
RCW 62A.9-403
was repealed by 2000 c 250 s 9A-901, effective July 1, 2001.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-707
Amendment of preeffective-date financing statement.
(a)
Preeffective-date financing statement.
In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.
(b)
Applicable law.
On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c)
Method of amending: General rule.
Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended on or after July 1, 2001, only if:
(1) The preeffective-date financing statement and an amendment are filed in the office specified in RCW 62A.9A-501
;
(2) An amendment is filed in the office specified in RCW 62A.9A-501
concurrently with, or after the filing in that office of, an initial financing statement that satisfies RCW 62A.9A-706
(c); or
(3) An initial financing statement that provides the information as amended and satisfies RCW 62A.9A-706
(c) is filed in the office specified in RCW 62A.9A-501
.
(d)
Method of amending: Continuation.
If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under RCW 62A.9A-705
(d) and (f) or
62A.9A-706
.
(e)
Method of amending: Additional termination rule.
Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated on or after July 1, 2001, by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies RCW 62A.9A-706
(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 as the office in which to file a financing statement.
[
2001 c 32 s 51
; 2000 c 250 s 9A-707.]
NOTES:
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-708
Persons entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this part if:
(1) The secured party of record authorizes the filing; and
(2) The filing is necessary under this part:
(A) To continue the effectiveness of a financing statement filed before July 1, 2001; or
(B) To perfect or continue the perfection of a security interest.
[
2001 c 32 s 52
; 2000 c 250 s 9A-708.]
NOTES:
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-709
Priority.
(a)
Law governing priority.
Article 62A.9A RCW determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, *Article 62A.9 RCW determines priority.
(b)
Priority if security interest becomes enforceable under RCW 62A.9A-203
.
For purposes of RCW 62A.9A-322
(a), the priority of a security interest that becomes enforceable under RCW 62A.9A-203
dates from July 1, 2001, if the security interest is perfected under Article 62A.9A RCW by the filing of a financing statement before July 1, 2001, which would not have been effective to perfect the security interest under *Article 62A.9 RCW. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
[
2001 c 32 s 53
.]
NOTES:
*Reviser's note:
Article 62A.9 RCW was repealed in its entirety by 2000 c 250 s 9A-901, effective July 1, 2001.
Effective date
—
2001 c 32:
See note following RCW 62A.9A-102
.
RCW 62A.9A-803
Security interest perfected before effective date.
(a)
Continuing perfection: Perfection requirements satisfied.
A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under chapter 62A.9A RCW if, on July 1, 2013, the applicable requirements for attachment and perfection under chapter 62A.9A RCW as of July 1, 2013, are satisfied without further action.
(b)
Continuing perfection: Perfection requirements not satisfied.
Except as otherwise provided in RCW 62A.9A-805, if, immediately before July 1, 2013, a security interest is a perfected security interest, but the applicable requirements for perfection under chapter 62A.9A RCW as of July 1, 2013, are not satisfied when this section takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under chapter 62A.9A RCW as of July 1, 2013, are satisfied within one year after July 1, 2013.
[
2011 c 74 s 602
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-804
Security interest unperfected before effective date.
A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest:
(a) Without further action, on July 1, 2013, if the applicable requirements for perfection under chapter 62A.9A RCW are satisfied before or at that time; or
(b) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
[
2011 c 74 s 603
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-805
Effectiveness of action taken before effective date.
(a)
Preeffective date filing effective.
The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under chapter 62A.9A RCW as of July 1, 2013.
(b)
When preeffective date filing becomes ineffective.
Chapter 74, Laws of 2011 does not render ineffective an effective financing statement that, before July 1, 2013, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as it existed before July 1, 2013. However, except as otherwise provided in subsections (c) and (d) of this section and RCW 62A.9A-806, the financing statement ceases to be effective:
(1) If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had this section not taken effect; or
(2) If the financing statement is filed in another jurisdiction, at the earlier of:
(A) The time the financing statement would have ceased to be effective under the law of that jurisdiction; or
(B) June 30, 2018.
(c)
Continuation statement.
The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as of July 1, 2013, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.
(d)
Application of subsection (b)(2)(B)
to transmitting utility financing statement.
Subsection (b)(2)(B) of this section applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as it existed before July 1, 2013, only to the extent that chapter 62A.9A RCW as of July 1, 2013, provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(e)
Application of Part 4.
A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of RCW 62A.9A-502, 62A.9A-503, 62A.9A-507, 62A.9A-515, 62A.9A-516, 62A.9A-518, and
62A.9A-521
as of July 1, 2013, for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of RCW 62A.9A-503
(a)(2) as of July 1, 2013. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of RCW 62A.9A-503
(a)(3) as of July 1, 2013.
[
2011 c 74 s 604
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-806
When initial financing statement suffices to continue effectiveness of financing statement.
(a)
Initial financing statement in lieu of continuation statement.
The filing of an initial financing statement in the office specified in RCW 62A.9A-501
continues the effectiveness of a financing statement filed before July 1, 2013, if:
(1) The filing of an initial financing statement in that office would be effective to perfect a security interest under chapter 62A.9A RCW as of July 1, 2013;
(2) The preeffective date financing statement was filed in an office in another state; and
(3) The initial financing statement satisfies subsection (c) of this section.
(b)
Period of continued effectiveness.
The filing of an initial financing statement under subsection (a) of this section continues the effectiveness of the preeffective date financing statement:
(1) If the initial financing statement is filed before July 1, 2013, for the period provided in RCW 62A.9A-515, as it existed before July 1, 2013, with respect to an initial financing statement; and
(2) If the initial financing statement is filed after July 1, 2013, for the period provided in RCW 62A.9A-515
as of July 1, 2013, with respect to an initial financing statement.
(c)
Requirements for initial financing statement under subsection (a) of this section.
To be effective for purposes of subsection (a) of this section, an initial financing statement must:
(1) Beginning on July 1, 2013, satisfy the requirements of RCW 62A.9A-502, 62A.9A-503, 62A.9A-507, 62A.9A-515, 62A.9A-516, 62A.9A-518, and
62A.9A-521
for an initial financing statement;
(2) Identify the preeffective date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) Indicate that the preeffective date financing statement remains effective.
[
2011 c 74 s 605
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-807
Amendment of preeffective date financing statement.
(a)
"Preeffective date financing statement."
For the purposes of this section, "preeffective date financing statement" means a financing statement filed before July 1, 2013.
(b)
Applicable law.
After July 1, 2013, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as of July 1, 2013. However, the effectiveness of a preeffective date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c)
Method of amending: General rule.
Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a preeffective date financing statement may be amended after July 1, 2013, only if:
(1) The preeffective date financing statement and an amendment are filed in the office specified in RCW 62A.9A-501
;
(2) An amendment is filed in the office specified in RCW 62A.9A-501
concurrently with, or after the filing in that office of, an initial financing statement that satisfies RCW 62A.9A-806
(c); or
(3) An initial financing statement that provides the information as amended and satisfies RCW 62A.9A-806
(c) is filed in the office specified in RCW 62A.9A-501
.
(d)
Method of amending: Continuation.
If the law of this state governs perfection of a security interest, the effectiveness of a preeffective date financing statement may be continued only under RCW 62A.9A-805
(c) or (e) or
62A.9A-806
.
(e)
Method of amending: Additional termination rule.
Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective date financing statement filed in this state may be terminated after July 1, 2013, by filing a termination statement in the office in which the preeffective date financing statement is filed, unless an initial financing statement that satisfies RCW 62A.9A-806
(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as of July 1, 2013, as the office in which to file a financing statement.
[
2011 c 74 s 606
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-808
Person entitled to file initial financing statement or continuation statement.
A person may file an initial financing statement or a continuation statement under this part if:
(a) The secured party of record authorizes the filing; and
(b) The filing is necessary under this part:
(1) To continue the effectiveness of a financing statement filed before July 1, 2013; or
(2) To perfect or continue the perfection of a security interest.
[
2011 c 74 s 607
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.
RCW 62A.9A-809
Priority.
Chapter 74, Laws of 2011 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, chapter 62A.9A RCW as it existed before July 1, 2013, determines priority.
[
2011 c 74 s 608
.]
NOTES:
Application
—
Effective date
—
2011 c 74:
See notes following RCW 62A.9A-102
.