reglab/housing_qa huggingface dataset:
TX Bus & Com Code § 9.618 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.618. Rights and Duties of Certain Secondary Obligors

Sec. 9.618.  RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS.  (a)  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)  An assignment, transfer, or subrogation described in Subsection (a):(1)  is not a disposition of collateral under Section 9.610;  and(2)  relieves the secured party of further duties under this chapter.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.619 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.619. Transfer of Record or Legal Title

Sec. 9.619.  TRANSFER OF RECORD OR LEGAL TITLE.  (a)  In this section, "transfer statement" means a record authenticated 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)  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)  A transfer of the record or legal title to collateral to a secured party under Subsection (b) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.621 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.621. Notification of Proposal to Accept Collateral

Sec. 9.621.  NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.  (a)  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 person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;(2)  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(3)  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 Section 9.311(a).(b)  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).|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.622 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.622. Effect of Acceptance of Collateral

Sec. 9.622.  EFFECT OF ACCEPTANCE OF COLLATERAL.  (a)  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)  A subordinate interest is discharged or terminated under Subsection (a), even if the secured party fails to comply with this chapter.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.623 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.623. Right to Redeem Collateral

Sec. 9.623.   RIGHT TO REDEEM COLLATERAL.  (a)  A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.(b)  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 Section 9.615(a)(1).(c)  A redemption may occur at any time before a secured party:(1)  has collected collateral under Section 9.607;(2)  has disposed of collateral or entered into a contract for its disposition under Section 9.610;  or(3)  has accepted collateral in full or partial satisfaction of the obligation it secures under Section 9.622.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.624 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.624. Waiver

Sec. 9.624.  WAIVER.  (a)  A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 9.611 only by an agreement to that effect entered into and authenticated after default.(b)  A debtor may waive the right to require disposition of collateral under Section 9.620(e) only by an agreement to that effect entered into and authenticated after default.(c)  Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section 9.623 only by an agreement to that effect entered into and authenticated after default.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.626 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.626. Action in Which Deficiency or Surplus Is in Issue

Sec. 9.626.  ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.  (a)  In an action arising from a transaction, other than a consumer 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 subchapter 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 subchapter.(3)  Except as otherwise provided in Section 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 subchapter 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 subchapter relating to collection, enforcement, disposition, or acceptance.(4)  For purposes of Subdivision (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 Section 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.(b)  The limitation of the rules in Subsection (a) to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions.  The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.627 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.627. Determination of Whether Conduct Was Commercially Reasonable

Sec. 9.627.  DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE.  (a)  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)  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)  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) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.628 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter F. Default|Section 9.628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor

Sec. 9.628.  NONLIABILITY AND LIMITATION ON LIABILITY OF SECURED PARTY;  LIABILITY OF SECONDARY OBLIGOR.  (a)  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)  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)  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)  A secured party is not liable to any person under Section 9.625(c)(2) for its failure to comply with Section 9.616.(e)  A secured party is not liable under Section 9.625(c)(2) more than once with respect to any one secured obligation.|Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.|
TX Bus & Com Code § 9.701 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.701. Effective Date of Revisions

Sec. 9.701.  EFFECTIVE DATE OF REVISIONS.  (a)  In this subchapter, "revision" means the revision of this chapter enacted by the 76th Legislature, Regular Session, 1999.(b)  The revision takes effect July 1, 2001.|Reenacted from Acts 1999, 76th Leg., ch. 414 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|
TX Bus & Com Code § 9.702 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.702. Saving Clause

Sec. 9.702.   SAVING CLAUSE.  (a)  Except as otherwise provided in this subchapter, this chapter, as revised, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the revision takes effect.(b)  Except as otherwise provided in Subsection (c) and Sections 9.703-9.709:(1)  transactions and liens that were not governed by this chapter, as it existed immediately before the effective date of the revision, were validly entered into or created before the effective date of the revision, and would be subject to this chapter, as revised, if they had been entered into or created on or after the effective date of the revision, and the rights, duties, and interests flowing from those transactions and liens remain valid on and after the effective date of the revision;  and(2)  the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this chapter, as revised, or by the law that otherwise would apply if the revision had not taken effect.(c)  The revision does not affect an action, case, or proceeding commenced before the effective date of the revision.|Reenacted from Acts 1999, 76th Leg., ch. 414, Sec. 3.02 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|
TX Bus & Com Code § 9.703 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.703. Security Interest Perfected Before Effective Date

Sec. 9.703.   SECURITY INTEREST PERFECTED BEFORE EFFECTIVE DATE.  (a)  A security interest that is enforceable immediately before the effective date of the revision 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, as revised, if, on the effective date of the revision, the applicable requirements for enforceability and perfection under this chapter, as revised, are satisfied without further action.(b)  Except as otherwise provided in Section 9.705, if, immediately before the revision 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, as revised, are not satisfied when the revision takes effect, the security interest:(1)  is a perfected security interest until July 1, 2002;(2)  remains enforceable after June 30, 2002, only if the security interest becomes enforceable under Section 9.203, as revised, before July 1, 2002;  and(3)  remains perfected after June 30, 2002, only if the applicable requirements for perfection under this chapter, as revised, are satisfied before July 1, 2002.|Reenacted from Acts 1999, 76th Leg., ch. 414, Sec. 3.03 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|
TX Bus & Com Code § 9.704 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.704. Security Interest Unperfected Before Effective Date

Sec. 9.704.   SECURITY INTEREST UNPERFECTED BEFORE EFFECTIVE DATE.  A security interest that is enforceable immediately before the revision takes effect but that would be subordinate to the rights of a person that becomes a lien creditor at that time:(1)  remains an enforceable security interest until July 1, 2002;(2)  remains enforceable after June 30, 2002, if the security interest becomes enforceable under Section 9.203, as revised, before July 1, 2002;  and(3)  becomes perfected:(A)  without further action, when the revision takes effect, if the applicable requirements for perfection under this chapter, as revised, are satisfied before or at that time;  or(B)  when the applicable requirements for perfection are satisfied if the requirements are satisfied after the revision takes effect.|Reenacted from Acts 1999, 76th Leg., ch. 414, Sec. 3.04 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|
TX Bus & Com Code § 9.706 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

Sec. 9.706.   WHEN INITIAL FINANCING STATEMENT SUFFICES TO CONTINUE EFFECTIVENESS OF FINANCING STATEMENT.  (a)  The filing of an initial financing statement in the office specified in Section 9.501, as revised, continues the effectiveness of a financing statement filed before the revision 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, as revised;(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)  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 the revision takes effect, for the period provided in Section 9.403, as it existed immediately before the effective date of the revision, with respect to a financing statement;  and(2)  if the initial financing statement is filed after the revision takes effect, for the period provided in Section 9.515, as revised, with respect to an initial financing statement.(c)  To be effective for purposes of Subsection (a), an initial financing statement must:(1)  satisfy the requirements of Subchapter E,  as revised, 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.|Reenacted from Acts 1999, 76th Leg., ch. 414, Sec. 3.06 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|
TX Bus & Com Code § 9.707 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.707. Amendment of Pre-Effective-Date Financing Statement

Sec. 9.707.  AMENDMENT OF PRE-EFFECTIVE-DATE FINANCING STATEMENT.  (a)  In this section, "pre-effective-date financing statement" means a financing statement filed before the revision takes effect.(b)  After the revision 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 Subchapter C.  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)  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 the revision takes effect only if:(1)  the pre-effective-date financing statement and an amendment are filed in the office specified in Section 9.501;(2)  an amendment is filed in the office specified in Section 9.501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies Section 9.706(c);  or(3)  an initial financing statement that provides the information as amended and satisfies Section 9.706(c) is filed in the office specified in Section 9.501.(d)  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 Sections 9.705(d) and (f) or Section 9.706.(e)  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 the revision 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 Section 9.706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Subchapter C as the office in which to file a financing statement.|Reenacted from Acts 1999, 76th Leg., ch. 414, and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|
TX Bus & Com Code § 9.708 (2021)
2021 Texas Statutes|Business and Commerce Code|Title 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Subchapter G. Transition Provisions|Section 9.708. Persons Entitled to File Initial Financing Statement or Continuation Statement

Sec. 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 subchapter if:(1)  the secured party of record authorizes the filing;  and(2)  the filing is necessary under this subchapter:(A)  to continue the effectiveness of a financing statement filed before the revision takes effect;  or(B)  to perfect or continue the perfection of a security interest.|Reenacted from Acts 1999, 7th Leg., ch. 414, Sec. 3.07 and amended by Acts 2001, 77th Leg., ch. 705, Sec. 23, eff. June 13, 2001.|