2023 CODE OF GEORGIA › Title 11 - COMMERCIAL CODE (§§ 11-1-101 — 11-13-102) › Article 9 - SECURED TRANSACTIONS (§§ 11-9-101 — 11-9-809) › Part 6 - DEFAULT (§§ 11-9-601 — 11-9-628) › Subpart 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 11-9-601 — 11-9-624) › Section 11-9-611 - Notification before disposition of collateral

(a)
"Notification date."
As used in this Code section, the term "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 Code section, a secured party that disposes of collateral under Code Section
11-9-610
shall send to the persons specified in subsection (c) of this Code section a reasonable signed notification of disposition.
(c)
Persons to be notified.
To comply with subsection (b) of this Code 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 person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;
(B)
Any other secured party or lienholder that, ten 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
(C)
Any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in subsection (a) of Code Section
11-9-311
.
(d)
Subsection (b) of this Code section inapplicable; perishable collateral; recognized market.
Subsection (b) of this Code 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 subparagraph (c)(3)(B) of this Code section.
A secured party complies with the requirement for notification prescribed by subparagraph (c)(3)(B) of this Code 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 subparagraph (c)(3)(B) of this Code 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.
Amended by 2024 Ga. Laws 600,§ 6-1, eff. 7/1/2024.
Added by 2001 Ga. Laws 191, § 1, eff. 7/1/2001.