NH Rev Stat § 382-A:9-620 (2021)
2021 New Hampshire Revised Statutes|Title XXXIV-A - Uniform Commercial Code|Title 382-A - Uniform Commercial Code|Section 382-A:9-620 - Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral.

    382-A:9-620 Acceptance of Collateral in Full or Partial Satisfaction of Obligation;  Compulsory Disposition of Collateral. –||(a) Conditions to acceptance in satisfaction. Except as otherwise provided in subsection (g), 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);||(2) the secured party does not receive, within the time set forth in subsection (d), a notification of objection to the proposal authenticated by:||(A) a person to which the secured party was required to send a proposal under Section 9-621; 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;||(3) if the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and||(4) subsection (e) does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to Section 9-624.||(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 an authenticated record or sends a proposal to the debtor; and||(2) the conditions of subsection (a) 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 authenticated 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 authenticated 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 authenticated by the debtor within 20 days after the proposal is sent.||(d) Effectiveness of notification. To be effective under subsection (a)( 2), 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 Section 9-621, 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 Section 9-621; or||(B) if a notification was not sent, before the debtor consents to the acceptance under subsection (c).||(e) Mandatory disposition of consumer goods. A secured party that has taken possession of collateral shall dispose of the collateral pursuant to Section 9-610 within the time specified in subsection (f) if:||(1) 60 percent of the cash price has been paid in the case of a purchase- money security interest in consumer goods; or||(2) 60 percent of the principal amount of the obligation secured has been paid in the case of a non-purchase-money security interest in consumer goods.||(f) Compliance with mandatory disposition requirement. To comply with subsection (e), the secured party shall dispose of the collateral:||(1) within 90 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 authenticated after default.||(g) No partial satisfaction in consumer transaction. In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.|||Source. 2001, 102:25, eff. July 1, 2001.|