reglab/statecodes huggingface dataset:
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 5 - FILING (§§ 47-9-501 — 47-9-527) › Section 47-9-525 - Fees

(a)
Initial financing statement.
Except as otherwise provided in subsection (d), the uniform fee for filing and indexing a record under this part is:
(1)
fifteen dollars ($15.00) if the record is communicated in writing and consists of ten (10) or fewer pages; or
(2)
fifteen dollars ($15.00) plus fifty cents (50¢) per page in excess of ten (10) pages, if the record is communicated in writing and consists of more than ten (10) pages.
(3)
an amount as established by filing-office rule adopted and promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, if the record is communicated by another medium authorized by the filing office.
(b)
Number of names.
Except as otherwise provided in subsection (e), if a record is communicated in writing, the uniform fee for each name more than one required to be indexed is fifteen dollars ($15.00).
(c)
Response to information request.
(1)
The uniform fee for responding to a written request for information from the filing office, including for issuing a certificate showing whether there is on file any financing statement naming a particular debtor, is fifteen dollars ($15.00). Upon request, the filing office shall furnish a copy of any filed financing statement for a uniform fee of one dollar ($1.00) per page.
(2)
The filing office may establish a uniform fee for responding to a request for information communicated by another medium authorized by the filing office, including issuing a certificate showing whether there is on file any financing statement naming a particular debtor and including a per page fee, by rule adopted and promulgated in accordance with the Uniform Administrative Procedures Act.
(d)
Record of mortgage.
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 §
47-9-502(c)
. However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
(e)
Tennessee Recording Tax.
In addition to the fees described above, tax may be payable under §
67-4-409(b)
, upon the filing of a financing statement. The filing officer may accept the representation on the financing statement, or in an accompanying sworn statement, of the amount of indebtedness for recording tax purposes, and need not verify the computation of the amount of such tax. The amount tendered to the filing officer shall be applied first to the filing fee and then to any tax imposed on the filing. No statement of indebtedness prescribed by law on or accompanying a financing statement shall limit the amount of any security interest perfected by filing the financing statement or shall otherwise impair its effectiveness.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 5 - FILING (§§ 47-9-501 — 47-9-527) › Section 47-9-526 - Filing-office rules

(a)
Adoption of filing-office rules.
The secretary of state shall adopt and publish rules to implement this chapter. The filing-office rules must be:
(1)
consistent with this chapter; and
(2)
adopted and published in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
(b)
Harmonization of rules.
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 secretary of state, so far as is consistent with the purposes, policies, and provisions of this chapter, in adopting, amending, and repealing filing-office rules, shall:
(1)
consult with filing offices in other jurisdictions that enact substantially this part; and
(2)
consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
(3)
take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 5 - FILING (§§ 47-9-501 — 47-9-527) › Section 47-9-527 - Duty to report

The secretary of state shall report annually on or before February 1 to the governor and general assembly on the operation of the filing office. The report must contain a statement of the extent to which:
(1)
the filing-office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially this part and the reasons for these variations; and
(2)
the filing-office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators, or any successor organization, and the reasons for these variations.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-601 - Rights after default - Judicial enforcement - Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

(a)
Rights of secured party after default.
After default, a secured party has the rights provided in this part and, except as otherwise provided in §
47-9-602
, those provided by agreement of the parties. A secured party:
(1)
May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2)
If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b)
Rights and duties of secured party in possession or control.
A secured party in possession of collateral or control of collateral under §
47-7-106
, §
47-9-104
, §
47-9-105
, §
47-9-106
, or §
47-9-107
has the rights and duties provided in §
47-9-207
.
(c)
Rights cumulative; simultaneous exercise.
The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d)
Rights of debtor and obligor.
Except as otherwise provided in subsection (g) and §
47-9-605
, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e)
Lien of levy after judgment.
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:
(1)
The date of perfection of the security interest or agricultural lien in the collateral;
(2)
The date of filing a financing statement covering the collateral; or
(3)
Any date specified in a statute under which the agricultural lien was created.
(f)
Execution sale.
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.
(g)
Consignor or buyer of certain rights to payment.
Except as otherwise provided in §
47-9-607(c)
, 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.
(h)
Foreclosure under this chapter is not deemed to be debt collection.
Acts 2000, ch. 846, § 1; 2002, ch. 745, § 4; 2008, ch. 814, § 38.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-602 - Waiver and variance of rights and duties

Except as otherwise provided in §
47-9-624
, 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)
Section
47-9-207(b)(4)(C)
, which deals with use and operation of the collateral by the secured party;
(2)
Section
47-9-210
, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3)
Section
47-9-607(c)
, which deals with collection and enforcement of collateral;
(4)
Sections
47-9-608(a)
and
47-9-615(c)
to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5)
Sections
47-9-608(a)
and
47-9-615(d)
to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6)
Section
47-9-609
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)
Sections
47-9-610(b)
,
47-9-611
,
47-9-613
, and
47-9-614
, which deal with disposition of collateral;
(8)
Section
47-9-615(f)
, 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
47-9-616
, which deals with explanation of the calculation of a surplus or deficiency;
(10)
Sections
47-9-620
,
47-9-621
, and
47-9-622
, which deal with acceptance of collateral in satisfaction of obligation;
(11)
Section
47-9-623
, which deals with redemption of collateral;
(12)
Section
47-9-624
, which deals with permissible waivers; and
(13)
Sections
47-9-625
and
47-9-626
, which deal with the secured party's liability for failure to comply with this chapter.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-603 - Agreement on standards concerning rights and duties

(a)
Agreed standards.
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 §
47-9-602
if the standards are not manifestly unreasonable.
(b)
Agreed standards inapplicable to breach of peace.
Subsection (a) does not apply to the duty under §
47-9-609
to refrain from breaching the peace.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-604 - Procedure if security agreement covers real property or fixtures

(a)
Enforcement: personal and real property.
If a security agreement covers both personal and real property, a secured party may proceed:
(1)
under this part as to the personal property without prejudicing any rights with respect to the real property; or
(2)
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.
(b)
Enforcement: fixtures.
Subject to subsection (c), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1)
under this part; or
(2)
in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c)
Removal of fixtures.
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.
(d)
Injury caused by removal.
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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-605 - 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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-606 - 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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-607 - Collection and enforcement by secured party

(a)
Collection and enforcement generally.
If so agreed, and in any event after default, a secured party:
(1)
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;
(2)
May take any proceeds to which the secured party is entitled under §
47-9-315
;
(3)
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;
(4)
If it holds a security interest in a deposit account perfected by control under §
47-9-104(a)(1)
, may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5)
If it holds a security interest in a deposit account perfected by control under §
47-9-104(a)(2) or (3)
, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b)
Nonjudicial enforcement of mortgage.
If necessary to enable a secured party to exercise under subdivision (a)(3) 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:
(1)
A copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2)
The secured party's sworn affidavit in recordable form stating that:
(A)
A default has occurred with respect to the obligation secured by the mortgage; and
(B)
The secured party is entitled to enforce the mortgage nonjudicially.
(c)
Commercially reasonable collection and enforcement.
A secured party shall proceed in a commercially reasonable manner if the secured party:
(1)
Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2)
Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d)
Expenses of collection and enforcement.
A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(e)
Duties to secured party not affected.
This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
Acts 2000, ch. 846, § 1; 2012, ch. 708, § 19.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

(a)
Application of proceeds, surplus, and deficiency if obligation secured.
If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1)
A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under Section
47-9-607
in the following order to:
(A)
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;
(B)
the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C)
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.
(2)
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 paragraph (1)(C).
(3)
A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under Section
47-9-607
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.
(4)
A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b)
No surplus or deficiency in sales of certain rights to payment.
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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-609 - Secured party's right to take possession after default

(a)
Possession; rendering equipment unusable; disposition on debtor's premises.
After default, a secured party:
(1)
may take possession of the collateral; and
(2)
without removal, may render equipment unusable and dispose of collateral on a debtor's premises under §
47-9-610
.
(b)
Judicial and nonjudicial process.
A secured party may proceed under subsection (a):
(1)
pursuant to judicial process; or
(2)
without judicial process, if it proceeds without breach of the peace.
(c)
Assembly of collateral.
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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-610 - Disposition of collateral after default

(a)
Disposition after default.
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.
(b)
Commercially reasonable disposition.
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 (1) or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c)
Purchase by secured party.
A secured party may purchase collateral:
(1)
at a public disposition; or
(2)
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.
(d)
Warranties on disposition.
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.
(e)
Disclaimer of warranties.
A secured party may disclaim or modify warranties under subsection (d):
(1)
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
(2)
by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f)
Record sufficient to disclaim warranties.
A record is sufficient to disclaim warranties under subsection (e) 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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-611 - Notification before disposition of collateral

(a)
"Notification date".
In this section, "notification date" means the earlier of the date on which:
(1)
A secured party sends to the debtor and any secondary obligor an authenticated 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), a secured party that disposes of collateral under §
47-9-610
shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c)
Persons to be notified.
To comply with subsection (b), the secured party shall send an authenticated 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, an authenticated notification of a claim of an interest in the collateral;
(B)
Any other secured party or lienholder that, ten (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:
(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 (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in §
47-9-311(a)
.
(d)
Subsection (b) inapplicable: perishable collateral; recognized market.
Subsection (b) 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. Notwithstanding the foregoing, the notification requirement of subsection (b) does not require or permit a secured party to send a disposition notification that may violate the automatic stay under the federal bankruptcy code,
11 U.S.C. § 362
.
(e)
Compliance with subdivision (c)(3)(B).
A secured party complies with the requirement for notification prescribed by subdivision (c)(3)(B) if:
(1)
Not later than twenty (20) days or earlier than thirty (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 subdivision (c)(3)(B); 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 an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Acts 2000, ch. 846, § 1; 2002, ch. 745, § 3.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-612 - Timeliness of notification before disposition of collateral

(a)
Reasonable time is question of fact.
Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b)
10-day period sufficient.
A notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-613 - 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 paragraph (1) are nevertheless sufficient is a question of fact.
(3)
The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:
(A)
information not specified by that paragraph; 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 §
47-9-614(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:
Time:
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 $ ]
. You may request an accounting by calling us at
[telephone number]
______________
[End of Form]
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-617 - Rights of transferee of collateral

(a)
Effects of disposition.
A secured party's disposition of collateral after default:
(1)
Transfers to a transferee for value all of the debtor's rights in the collateral;
(2)
Discharges the security interest under which the disposition is made; and
(3)
Discharges any subordinate security interest or other subordinate lien.
(b)
Rights of good-faith transferee.
A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(c)
Rights of other transferee.
If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1)
The debtor's rights in the collateral;
(2)
The security interest or agricultural lien under which the disposition is made; and
(3)
Any other security interest or other lien.
Acts 2000, ch. 846, § 1; 2002, ch. 521, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-618 - Rights and duties of certain secondary obligors

(a)
Rights and duties of secondary obligor.
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)
Effect of assignment, transfer, or subrogation.
An assignment, transfer, or subrogation described in subsection (a):
(1)
is not a disposition of collateral under §
47-9-610
; and
(2)
relieves the secured party of further duties under this chapter.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-619 - Transfer of record or legal title

(a)
"Transfer statement".
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)
Effect of transfer statement.
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)
Transfer not a disposition; no relief of secured party's duties.
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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-621 - Notification of proposal to accept collateral

(a)
Persons to whom proposal to be sent.
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 whom 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, ten (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, ten (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 §
47-9-311(a)
.
(b)
Proposal to be sent to secondary obligor in partial satisfaction.
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).
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-622 - Effect of acceptance of collateral

(a)
Effect of acceptance.
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)
Discharge of subordinate interest notwithstanding noncompliance.
A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-623 - Right to redeem collateral

(a)
Persons that may redeem.
A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b)
Requirements for redemption.
To redeem collateral, a person shall tender:
(1)
fulfillment of all obligations secured by the collateral; and
(2)
the reasonable expenses and attorney's fees described in §
47-9-615(a)(1)
.
(c)
When redemption may occur.
A redemption may occur at any time before a secured party:
(1)
has collected collateral under §
47-9-607
;
(2)
has disposed of collateral or entered into a contract for its disposition under §
47-9-610
; or
(3)
has accepted collateral in full or partial satisfaction of the obligation it secures under §
47-9-622
.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-624 - Waiver

(a)
Waiver of disposition notification.
A debtor or secondary obligor may waive the right to notification of disposition of collateral under §
47-9-611
only by an agreement to that effect entered into and authenticated after default.
(b)
Waiver of mandatory disposition.
A debtor may waive the right to require disposition of collateral under §
47-9-620(e)
only by an agreement to that effect entered into and authenticated after default.
(c)
Waiver of redemption right.
Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under §
47-9-623
only by an agreement to that effect entered into and authenticated after default.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-626 - Action in which deficiency or surplus is 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 §
47-9-628
, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with 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 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 §
47-9-615(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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-627 - 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.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 6 - DEFAULT (§§ 47-9-601 — 47-9-628) › Section 47-9-628 - 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 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)
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 §
47-9-625(c)(2)
for its failure to comply with §
47-9-616
.
(e)
Limitation of multiple liability for statutory damages.
A secured party is not liable under §
47-9-625(c)(2)
more than once with respect to any one (1) secured obligation.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 7 - TRANSITION (§§ 47-9-701 — 47-9-710) › Section 47-9-701 - Effective date

This act takes effect on July 1, 2001. References in this part to "this act" refer to the legislative enactment by which this chapter is added to Tennessee Code Annotated, Title 47. References in this part to "former Chapter 9" are to Tennessee Code Annotated, Title 47, Chapter 9, as in effect immediately before July 1, 2001.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 7 - TRANSITION (§§ 47-9-701 — 47-9-710) › Section 47-9-702 - 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)
Continuing validity.
Except as otherwise provided in subsection (c) and §§
47-9-703
through
47-9-709
:
(1)
transactions and liens that were not governed by former Chapter 9, were validly entered into or created before July 1, 2001, 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 July 1, 2001; and
(2)
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.
(c)
Pre-effective-date proceedings.
This act does not affect an action, case, or proceeding commenced before July 1, 2001.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 7 - TRANSITION (§§ 47-9-701 — 47-9-710) › Section 47-9-703 - Security interest perfected before effective date

(a)
Continuing priority over lien creditor: perfection requirements satisfied.
A security interest that is enforceable immediately before this 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, on July 1, 2001, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b)
Continuing priority over lien creditor: perfection requirements not satisfied.
Except as otherwise provided in §
47-9-705
, if, immediately before July 1, 2001, 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 on July 1, 2001, the security interest:
(1)
is a perfected security interest for one (1) year after this act takes effect;
(2)
remains enforceable thereafter only if the security interest becomes enforceable under §
47-9-203
before the year expires; and
(3)
remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
Acts 2000, ch. 846, § 1.
2023 Tennessee Code › Title 47 - COMMERCIAL INSTRUMENTS AND TRANSACTIONS (§§ 47-1-101 — 47-50-121) › Chapter 9 - SECURED TRANSACTIONS (§§ 47-9-101 — 47-9-809) › Part 7 - TRANSITION (§§ 47-9-701 — 47-9-710) › Section 47-9-704 - 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 (1) year after this act takes effect;
(2)
remains enforceable thereafter if the security interest becomes enforceable under §
47-9-203
on July 1, 2001 or within one (1) year thereafter; and
(3)
becomes perfected:
(A)
without further action, on July 1, 2001 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.
Acts 2000, ch. 846, § 1.