reglab/statecodes huggingface dataset:
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 5 - Filing › Section 521 - Uniform form of written financing statement and amendment.

Effective 5/12/2015
70A-9a-521.
Uniform form of written financing statement and amendment.
(1) A filing office that accepts written records may not refuse to accept a written initial financing statement in the form and format set forth in the final official text of the 2010 revisions to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute and the National Conference of Commissioners on Uniform State Laws, except for a reason set forth in Subsection 70A-9a-516(2) or (5).
(2) A filing office that accepts written records may not refuse to accept a written record in the form and format set forth in the final official text of the 2010 revisions to Article 9 of the Uniform Commercial Code promulgated by The American Law Institute and the National Conference of Commissioners on Uniform State Laws, except for a reason set forth in Subsection 70A-9a-516(2) or (5).
Amended by Chapter 228, 2015 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 5 - Filing › Section 522 - Maintenance and destruction of records.

70A-9a-522.
Maintenance and destruction of records.
(1) 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 Section 70A-9a-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:
(a) if the record was filed or recorded in the filing office described in Subsection 70A-9a-501(1)(a):
(i) by using the entry number assigned to the initial financing statement to which the record relates and the book and page that the record was filed or recorded; or
(ii) by the legal description of the real property; or
(b) if the record was filed in the filing office described in Subsection 70A-9a-501(1)(b), by using the file number assigned to the initial financing statement to which the record relates.
(2) 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 (1).
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 5 - Filing › Section 524 - Delay by filing office.

70A-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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 5 - Filing › Section 525 - Fees.

70A-9a-525.
Fees.
(1) Except as otherwise provided in Subsection (3), the fee for the Division of Corporations and Commercial Code filing and indexing a record under this part, including an initial financing statement of the kind described in Subsection 70A-9a-502(3), shall:
(a) be determined by the Division of Corporations and Commercial Code;
(b) be reasonable and fair; and
(c) reflect the cost of services provided.
(2) The fee for the Division of Corporations and Commercial Code responding to a request for information from the Division of Corporations and Commercial Code, including for issuing a record showing whether there is on file any financing statement naming a particular debtor shall:
(a) be determined by the Division of Corporations and Commercial Code;
(b) be reasonable and fair; and
(c) reflect the cost of services provided.
(3)
(a) 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 Subsection 70A-9a-502(3). However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
(b)
(i) This section does not apply to fees charged by a filing office described in Subsection 70A-9a-501(1)(a).
(ii) A filing office described in Subsection 70A-9a-501(1)(a) shall charge fees in accordance with Section 17-21-18.5.
Amended by Chapter 46, 2001 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 5 - Filing › Section 526 - Filing-office rules.

70A-9a-526.
Filing-office rules.
(1) The Division of Corporations and Commercial Code shall adopt and publish rules to implement this chapter that apply to a filing office described in Subsection 70A-9a-501(1)(b). The filing-office rules must be:
(a) consistent with this chapter; and
(b) adopted and published in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(2) 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 Division of Corporations and Commercial Code, so far as is consistent with the purposes, policies, and provisions of this chapter, in adopting, amending, and repealing filing-office rules, shall:
(a) consult with filing offices in other jurisdictions that enact substantially this part;
(b) consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(c) take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 601 - Rights after default -- Judicial enforcement -- Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

70A-9a-601.
Rights after default -- Judicial enforcement -- Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
(1) After default, a secured party has the rights provided in this part and, except as otherwise provided in Section 70A-9a-602, those provided by agreement of the parties. A secured party:
(a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(b) if the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(2) A secured party in possession of collateral or control of collateral under Section 70A-7a-106, 70A-9a-104, 70A-9a-105, 70A-9a-106, or 70A-9a-107 has the rights and duties provided in Section 70A-9a-207.
(3) The rights under Subsections (1) and (2) are cumulative and may be exercised simultaneously.
(4) Except as otherwise provided in Subsection (7) and Section 70A-9a-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(5) 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:
(a) the date of perfection of the security interest or agricultural lien in the collateral;
(b) the date of filing a financing statement covering the collateral; or
(c) any date specified in a statute under which the agricultural lien was created.
(6) 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 chapter.
(7) Except as otherwise provided in Subsection 70A-9a-607(3), 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.
Amended by Chapter 42, 2006 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 602 - Waiver and variance of rights and duties.

70A-9a-602.
Waiver and variance of rights and duties.
Except as otherwise provided in Section 70A-9a-624, to the extent that they give rights to a debtor or obligor 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) Subsection 70A-9a-207(2)(d)(iii), which deals with use and operation of the collateral by the secured party;
(2) Section 70A-9a-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3) Subsection 70A-9a-607(3), which deals with collection and enforcement of collateral;
(4) Subsections 70A-9a-608(1) and 70A-9a-615(3) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5) Subsections 70A-9a-608(1) and 70A-9a-615(4) to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6) Section 70A-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) Subsection 70A-9a-610(2) and Sections 70A-9a-611, 70A-9a-613, and 70A-9a-614, which deal with disposition of collateral;
(8) Subsection 70A-9a-615(6), which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9) Section 70A-9a-616, which deals with explanation of the calculation of a surplus or deficiency;
(10) Sections 70A-9a-620, 70A-9a-621, and 70A-9a-622, which deal with acceptance of collateral in satisfaction of obligation;
(11) Section 70A-9a-623, which deals with redemption of collateral;
(12) Section 70A-9a-624, which deals with permissible waivers; and
(13) Sections 70A-9a-625 and 70A-9a-626, which deal with the secured party's liability for failure to comply with this chapter.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 603 - Agreement on standards concerning rights and duties.

70A-9a-603.
Agreement on standards concerning rights and duties.
(1) 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 Section 70A-9a-602 if the standards are not manifestly unreasonable.
(2) Subsection (1) does not apply to the duty under Section 70A-9a-609 to refrain from breaching the peace.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 604 - Procedure if security agreement covers real property or fixtures.

70A-9a-604.
Procedure if security agreement covers real property or fixtures.
(1) If a security agreement covers both personal and real property, a secured party may proceed:
(a) under this part as to the personal property without prejudicing any rights with respect to the real property; or
(b) 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.
(2) Subject to Subsection (3), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(a) under this part; or
(b) in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(3) Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(4) A secured party that removes collateral 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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 605 - Unknown debtor or secondary obligor.

70A-9a-605.
Unknown debtor or secondary obligor.
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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 606 - Time of default for agricultural lien.

70A-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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 607 - Collection and enforcement by secured party.

70A-9a-607.
Collection and enforcement by secured party.
(1) If so agreed, and in any event after default, a secured party:
(a) 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;
(b) may take any proceeds to which the secured party is entitled under Section 70A-9a-315;
(c) 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;
(d) if it holds a security interest in a deposit account perfected by control under Subsection 70A-9a-104(1)(a), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(e) if it holds a security interest in a deposit account perfected by control under Subsection 70A-9a-104(1)(b) or (c), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(2) If necessary to enable a secured party to exercise under Subsection (1)(c) 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:
(a) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(b) the secured party's sworn affidavit in recordable form stating that:
(i) a default has occurred with respect to the obligation secured by the mortgage; and
(ii) the secured party is entitled to enforce the mortgage nonjudicially.
(3) A secured party shall proceed in a commercially reasonable manner if the secured party:
(a) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(b) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(4) A secured party may deduct from the collections made pursuant to Subsection (3) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(5) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
Amended by Chapter 225, 2013 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 608 - Application of proceeds of collection or enforcement -- Liability for deficiency and right to surplus.

70A-9a-608.
Application of proceeds of collection or enforcement -- Liability for deficiency and right to surplus.
(1) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(a) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under Section 70A-9a-607 in the following order to:
(i) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(ii) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(iii) 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 an authenticated demand for proceeds before distribution of the proceeds is completed.
(b) 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 Subsection (1)(a)(iii).
(c) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under Section 70A-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.
(d) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(2) 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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 609 - Secured party's right to take possession after default.

70A-9a-609.
Secured party's right to take possession after default.
(1) After default, a secured party:
(a) may take possession of the collateral; and
(b) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under Section 70A-9a-610.
(2) A secured party may proceed under Subsection (1):
(a) pursuant to judicial process; or
(b) without judicial process, if it proceeds without breach of the peace.
(3) 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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 610 - Disposition of collateral after default.

70A-9a-610.
Disposition of collateral after default.
(1) 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.
(2) 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.
(3) A secured party may purchase collateral:
(a) at a public disposition; or
(b) 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.
(4) 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.
(5) A secured party may disclaim or modify warranties under Subsection (4):
(a) 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
(b) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(6) A record is sufficient to disclaim warranties under Subsection (5) 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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 611 - Notification before disposition of collateral.

70A-9a-611.
Notification before disposition of collateral.
(1) In this section, "notification date" means the earlier of the date on which:
(a) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(b) the debtor and any secondary obligor waive the right to notification.
(2) Except as otherwise provided in Subsection (4), a secured party that disposes of collateral under Section 70A-9a-610 shall send to the persons specified in Subsection (3) a reasonable authenticated notification of disposition.
(3) To comply with Subsection (2), the secured party shall send an authenticated notification of disposition to:
(a) the debtor;
(b) any secondary obligor; and
(c) if the collateral is other than consumer goods:
(i) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(ii) 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:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(iii) 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 Subsection 70A-9a-311(1).
(4) Subsection (2) 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.
(5) A secured party complies with the requirement for notification prescribed by Subsection (3)(c)(ii) if:
(a) 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 (3)(c)(ii); and
(b) before the notification date, the secured party:
(i) did not receive a response to the request for information; or
(ii) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 612 - Timeliness of notification before disposition of collateral.

70A-9a-612.
Timeliness of notification before disposition of collateral.
(1) Except as otherwise provided in Subsection (2), whether a notification is sent within a reasonable time is a question of fact.
(2) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 613 - Contents and form of notification before disposition of collateral -- General.

70A-9a-613.
Contents and form of notification before disposition of collateral -- General.
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) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in Subsection (1) are sufficient, even if the notification includes:
(a) information not specified by that subsection; 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 Subsection 70A-9a-614(3), when completed, 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]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date: [Insert day and date]
Time: [Insert time]
Place: [Insert place]
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date].
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $[Insert amount] ]. You may request an accounting by calling us at [telephone number].
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 617 - Rights of transferee of collateral.

70A-9a-617.
Rights of transferee of collateral.
(1) A secured party's disposition of collateral after default:
(a) transfers to a transferee for value all of the debtor's rights in the collateral;
(b) discharges the security interest under which the disposition is made; and
(c) discharges any subordinate security interest or other subordinate lien.
(2) A transferee that acts in good faith takes free of the rights and interests described in Subsection (1), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(3) If a transferee does not take free of the rights and interests described in Subsection (1), the transferee takes the collateral subject to:
(a) the debtor's rights in the collateral;
(b) the security interest or agricultural lien under which the disposition is made; and
(c) any other security interest or other lien.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 618 - Rights and duties of certain secondary obligors.

70A-9a-618.
Rights and duties of certain secondary obligors.
(1) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(a) receives an assignment of a secured obligation from the secured party;
(b) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(c) is subrogated to the rights of a secured party with respect to collateral.
(2) An assignment, transfer, or subrogation described in Subsection (1):
(a) is not a disposition of collateral under Section 70A-9a-610; and
(b) relieves the secured party of further duties under this chapter.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 619 - Transfer of record or legal title.

70A-9a-619.
Transfer of record or legal title.
(1) In this section, "transfer statement" means a record authenticated by a secured party stating:
(a) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(b) that the secured party has exercised its post-default remedies with respect to the collateral;
(c) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(d) the name and mailing address of the secured party, debtor, and transferee.
(2) 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:
(a) accept the transfer statement;
(b) promptly amend its records to reflect the transfer; and
(c) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(3) A transfer of the record or legal title to collateral to a secured party under Subsection (2) 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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 621 - Notification of proposal to accept collateral.

70A-9a-621.
Notification of proposal to accept collateral.
(1) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(a) 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;
(b) 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:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) 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
(c) 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 Subsection 70A-9a-311(1).
(2) 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 (1).
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 622 - Effect of acceptance of collateral.

70A-9a-622.
Effect of acceptance of collateral.
(1) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(a) discharges the obligation to the extent consented to by the debtor;
(b) transfers to the secured party all of a debtor's rights in the collateral;
(c) 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
(d) terminates any other subordinate interest.
(2) A subordinate interest is discharged or terminated under Subsection (1), even if the secured party fails to comply with this title.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 623 - Right to redeem collateral.

70A-9a-623.
Right to redeem collateral.
(1) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(2) To redeem collateral, a person shall tender:
(a) fulfillment of all obligations secured by the collateral; and
(b) the reasonable expenses and attorney's fees described in Subsection 70A-9a-615(1)(a).
(3) A redemption may occur at any time before a secured party:
(a) has collected collateral under Section 70A-9a-607;
(b) has disposed of collateral or entered into a contract for its disposition under Section 70A-9a-610; or
(c) has accepted collateral in full or partial satisfaction of the obligation it secures under Section 70A-9a-622.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 624 - Waiver.

70A-9a-624.
Waiver.
(1) A debtor or secondary obligor may waive the right to notification of disposition of collateral under Section 70A-9a-611 only by an agreement to that effect entered into and authenticated after default.
(2) A debtor may waive the right to require disposition of collateral under Subsection 70A-9a-620(5) only by an agreement to that effect entered into and authenticated after default.
(3) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under Section 70A-9a-623 only by an agreement to that effect entered into and authenticated after default.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 626 - Action in which deficiency or surplus is in issue.

70A-9a-626.
Action in which deficiency or surplus is in issue.
(1) 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:
(a) 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.
(b) 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.
(c) Except as otherwise provided in Section 70A-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 attorney's fees exceeds the greater of:
(i) the proceeds of the collection, enforcement, disposition, or acceptance; or
(ii) 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.
(d) For purposes of Subsection (1)(c)(ii), 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.
(e) If a deficiency or surplus is calculated under Subsection 70A-9a-615(6), 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.
(2) The limitation of the rules in Subsection (1) 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.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 627 - Determination of whether conduct was commercially reasonable.

70A-9a-627.
Determination of whether conduct was commercially reasonable.
(1) 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.
(2) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(a) in the usual manner on any recognized market;
(b) at the price current in any recognized market at the time of the disposition; or
(c) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(3) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(a) in a judicial proceeding;
(b) by a bona fide creditors' committee;
(c) by a representative of creditors; or
(d) by an assignee for the benefit of creditors.
(4) Approval under Subsection (3) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 6 - Default › Section 628 - Nonliability and limitation on liability of secured party -- Liability of secondary obligor.

70A-9a-628.
Nonliability and limitation on liability of secured party -- Liability of secondary obligor.
(1) 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:
(a) 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
(b) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(2) A secured party is not liable because of its status as secured party:
(a) to a person that is a debtor or obligor, unless the secured party knows:
(i) that the person is a debtor or obligor;
(ii) the identity of the person; and
(iii) how to communicate with the person; or
(b) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(i) that the person is a debtor; and
(ii) the identity of the person.
(3) 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:
(a) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(b) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(4) A secured party is not liable to any person under Subsection 70A-9a-625(3)(b) for its failure to comply with Section 70A-9a-616.
(5) A secured party is not liable under Section 70A-9a-625(3)(b) more than once with respect to any one secured obligation.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 7 - Transition › Section 701 - Effective date -- Terminology.

70A-9a-701.
Effective date -- Terminology.
(1) This act takes effect on July 1, 2001.
(2) References in this part to "former Chapter 9" are to Chapter 9, Secured Transactions - Sales of Accounts, Contract Rights and Chattel Paper, as in effect on June 30, 2001.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 7 - Transition › Section 702 - Savings clause.

70A-9a-702.
Savings clause.
(1) 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.
(2) Except as otherwise provided in Subsection (3) and Sections 70A-9a-703 through 70A-9a-709:
(a) transactions and liens that were not governed by former Chapter 9, Secured Transactions - Sales of Accounts, Contract Rights and Chattel Paper, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and
(b) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(3) This act does not affect an action, case, or proceeding commenced before this act takes effect.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 7 - Transition › Section 703 - Security interest perfected before effective date.

70A-9a-703.
Security interest perfected before effective date.
(1) A security interest that is enforceable immediately before this act 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 act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(2) Except as otherwise provided in Section 70A-9a-705, if, immediately before this act 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 act are not satisfied when this act takes effect, the security interest:
(a) is a perfected security interest for one year after this act takes effect;
(b) remains enforceable thereafter only if the security interest becomes enforceable under Section 70A-9a-203 before the year expires; and
(c) remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
Enacted by Chapter 252, 2000 General Session
2023 Utah Code › Title 70A - Uniform Commercial Code › Chapter 9a - Uniform Commercial Code - Secured Transactions › Part 7 - Transition › Section 704 - Security interest unperfected before effective date.

70A-9a-704.
Security interest unperfected before effective date.
A security interest that is enforceable immediately before this act 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 act takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under Section 70A-9a-203 when this act takes effect or within one year thereafter; and
(3) becomes perfected:
(a) without further action, when this act takes effect if the applicable requirements for perfection under this act 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.
Enacted by Chapter 252, 2000 General Session