reglab/housing_qa huggingface dataset:
NJ Rev Stat § 12A:9-626 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-626 - Action in which deficiency or surplus is in issue.

12A:9-626 Action in which deficiency or surplus is in issue.  12A:9-626. 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 12A:9-628, 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 attorney's 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 paragraph (3) (B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum. (5) If a deficiency or surplus is calculated under 12A:9-615 (f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought. L.2001, c.117, s.1; amended 2001, c.386, s.115.
NJ Rev Stat § 12A:9-627 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-627 - Determination of whether conduct was commercially reasonable.

12A:9-627 Determination of whether conduct was commercially reasonable.  12A:9-627. 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) not necessary; absence of approval has no effect. Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable. L.2001, c.117, s.1; amended 2001, c.386, s.116.
NJ Rev Stat § 12A:9-628 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.

12A:9-628 Nonliability and limitation on liability of secured party; liability of secondary obligor.  12A:9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor. (a) Limitation of liability of secured party for noncompliance with chapter. 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 chapter; and (2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency. (b) Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party: (1) to a person who 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 12A:9-625 (c) (2) for its failure to comply with 12A:9-616. (e) Limitation of multiple liability for statutory damages. A secured party is not liable under 12A:9-625 (c) (2) more than once with respect to any one secured obligation. L.2001, c.117, s.1; amended 2001, c.386, s.117.
NJ Rev Stat § 12A:9-701 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-701 - Effective date.

12A:9-701 Effective date.  12A:9-701. Effective Date.  This chapter shall take effect on July 1, 2001. References in this part to "this chapter" are to Chapter 9 of the Uniform Commercial Code as enacted by P.L.2001, c.117 and P.L.2001, c.386. References in this part to "former Chapter 9" are to Chapter 9 of the Uniform Commercial Code (12A:9-101 et seq.) as in effect before July 1, 2001. Amended 2001, c.386, s.118.
NJ Rev Stat § 12A:9-702 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-702 - Savings clause.

12A:9-702 Savings clause.  12A:9-702. Savings Clause. (a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, this chapter applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this chapter takes effect. (b) Continuing validity. Except as otherwise provided in subsection (c) and 12A:9-703 through 12A:9-709: (1) transactions and liens that were not governed by former Chapter 9, were validly entered into or created before this chapter takes effect, and would be subject to this chapter if they had been entered into or created after this chapter takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this chapter takes effect; and (2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this chapter or by the law that otherwise would apply if this chapter had not taken effect. (c) Pre-effective-date proceedings. This chapter does not affect an action, case, or proceeding commenced before this chapter takes effect. L.2001, c.117, s.1; amended 2001, c.386, s.119.
NJ Rev Stat § 12A:9-703 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-703 - Security interest perfected before effective date.

12A:9-703 Security interest perfected before effective date.  12A:9-703. Security Interest Perfected Before Effective Date. (a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before this chapter takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter if, when this chapter takes effect, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action. (b) Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in 12A:9-705, if, immediately before this chapter takes effect, 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 this chapter are not satisfied when this chapter takes effect, the security interest: (1) is a perfected security interest for one year after this chapter takes effect; (2) remains enforceable thereafter only if the security interest becomes enforceable under 12A:9-203 before the year expires; and (3) remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires. L.2001, c.117, s.1; amended 2001, c.386, s.120.
NJ Rev Stat § 12A:9-704 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-704 - Security interest unperfected before effective date.

12A:9-704 Security interest unperfected before effective date.  12A:9-704. Security Interest Unperfected Before Effective Date.  A security interest that is enforceable immediately before this chapter takes effect 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 this chapter takes effect; (2) remains enforceable thereafter if the security interest becomes enforceable under 12A:9-203 when this chapter takes effect or within one year thereafter; and (3) becomes perfected: (A) without further action, when this chapter takes effect if the applicable requirements for perfection under this chapter 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. L.2001, c.117, s.1; amended 2001, c.386, s.121.
NJ Rev Stat § 12A:9-706 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-706 - When initial financing statement suffices to continue effectiveness of financing statement.

12A:9-706 When initial financing statement suffices to continue effectiveness of financing statement.  12A:9-706. 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 12A:9-501 continues the effectiveness of a financing statement filed before this chapter takes effect if: (1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter; (2) the pre-effective-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). (b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement: (1) if the initial financing statement is filed before this chapter takes effect, for the period provided in former 12A:9-403 with respect to a financing statement; and (2) if the initial financing statement is filed after this chapter takes effect, for the period provided in 12A:9-515 with respect to an initial financing statement. (c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement shall: (1) satisfy the requirements of Part 5 for an initial financing statement; (2) identify the pre-effective-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 pre-effective-date financing statement remains effective. L.2001, c.117, s.1; amended 2001, c.386, s.123.
NJ Rev Stat § 12A:9-707 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-707 - Amendment of pre-effective-date financing statement.

12A:9-707. Amendment of pre-effective-date financing statement.  12A:9-707. Amendment of Pre-effective-date Financing Statement. (a) Pre-effective-date financing statement". In this section, "pre-effective-date financing statement" means a financing statement filed before this chapter takes effect. (b) Applicable law. After this chapter takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3. However, the effectiveness of a pre-effective-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), if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this chapter takes effect only if: (1) the pre-effective-date financing statement and an amendment are filed in the office specified in 12A:9-501; (2) an amendment is filed in the office specified in 12A:9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies 12A:9-706(c); or (3) an initial financing statement that provides the information as amended and satisfies 12A:9-706(c) is filed in the office specified in 12A:9-501. (d) Method of amending: continuation. If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under 12A:9-705(d) and (f) or 12A:9-706. (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 pre-effective-date financing statement filed in this State may be terminated after this chapter takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies 12A:9-706(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. The preceding sentence applies only to the office described in 12A:9-501(a)(2). (New) 2001,c.386,s.125.
NJ Rev Stat § 12A:9-708 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-708 - Persons entitled to file initial financing statement or continuation statement.

12A:9-708. Persons entitled to file initial financing statement or continuation statement.  12A:9-708. 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 this chapter takes effect; or (B) to perfect or continue the perfection of a security interest.  L.2001, c.117, s.1; (old 707) amended 2001, c.386, s.124.
NJ Rev Stat § 12A:9-709 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-709 - Priority.

12A:9-709 Priority.  12A:9-709 Priority. (a) Law governing priority. This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this chapter takes effect, former Chapter 9 determines priority. (b) Priority if security interest becomes enforceable under 12A:9-203. For purposes of 12A:9-322 (a), the priority of a security interest that becomes enforceable under 12A:9-203 of this chapter dates from the time this chapter takes effect if the security interest is perfected under this chapter by the filing of a financing statement before this chapter takes effect which would not have been effective to perfect the security interest under former Chapter 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement. L.2001, c.117, s.1; (old 708) amended 2001, c.386, s.126.
NJ Rev Stat § 12A:9-710 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-710 - Retroactivity provision.

12A:9-710. Retroactivity provision.  12A:9-710. Retroactivity Provision. This act, P.L.2001, c.386, amends and supplements P.L.2001, c.117 and shall take effect immediately and shall be applied retroactively to July 1, 2001.  If, on or after July 1, 2001 and prior to the effective date of this act, action required for the attachment, perfection or priority of a security interest under Post-Amendment Chapter 9 was taken, but was not heretofore effective, such action shall be effective when taken. If, on or after July 1, 2001 and prior to the effective date of this act, action required for the attachment, perfection or priority of a security interest under Pre-Amendment Chapter 9 was taken and was heretofore effective, but is not effective under Post-Amendment Chapter 9, such action shall be deemed effective when taken if, within 60 days after the effective date of this act, any other action required under Post-Amendment Chapter 9 for such attachment, perfection or priority is taken, except to the extent that, after the effective date of this act and before the time such other required action is taken, a purchaser has given value in reasonable reliance upon such other required action not having been taken. As used in this section, "Pre-Amendment Chapter 9" means Chapter 9 of Title 12A of the New Jersey Statutes, P.L.2001, c.117 (12A:9-101 through 12A:9-708) as constituted before giving effect to this act, and "Post-Amendment Chapter 9" means Chapter 9 of Title 12A of the New Jersey Statutes (12A:9-101 through 12A:9-709) as amended and supplemented by this act. (New) 2001, c.386, s.127.
NJ Rev Stat § 12A:9-801 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-801 - Effective date.

12A:9-801. Effective date.  12A:9-801. Effective Date.  This act (P.L.2013, c.65), amends and supplements Chapter 9 of Title 12A of the New Jersey Statutes, and shall take effect on July 1, 2013. L.2013, c.65, s.30.
NJ Rev Stat § 12A:9-802 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-802 - Savings clause.

12A:9-802. Savings clause.  12A:9-802. Savings Clause. (a) Pre-effective date transactions or liens. Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) Pre-effective-date proceedings. This act does not affect an action, case, or proceeding commenced before this act takes effect. L.2013, c.65, s.30.
NJ Rev Stat § 12A:9-803 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-803 - Security interest perfected before effective date.

12A:9-803. Security interest perfected before effective date.  12A:9-803. Security Interest Perfected Before Effective Date. (a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under Chapter 9 as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under Chapter 9 as amended by this act are satisfied without further action. (b) Continuing perfection: perfection requirements not satisfied. Except as otherwise provided in 12A:9-805, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Chapter 9 as amended by this act are not satisfied when this act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Chapter 9 as amended by this act are satisfied within one year after this act takes effect. L.2013, c.65, s.30.
NJ Rev Stat § 12A:9-804 (2021)
2021 New Jersey Revised Statutes|Title 12A - Commercial Transactions|Section 12A:9-804 - Security interest unperfected before effective date.

12A:9-804. Security interest unperfected before effective date.  12A:9-804. Security Interest Unperfected Before Effective Date.  A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest: (1) without further action, when this act takes effect if the applicable requirements for perfection under Chapter 9 as amended by this act are satisfied before or at that time; or (2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. L.2013, c.65, s.30.