(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), paragraph (c), subparagraph (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), paragraph (c), subparagraph (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.

Official Comment

1. Source. Former Section 9-504(3).

2. Reasonable Notification. This section requires a secured party who wishes to dispose of collateral under Section 9-610 [Maine cite section 9-1610] to send "a reasonable authenticated notification of disposition" to specified interested persons, subject to certain exceptions. The notification must be reasonable as to the manner in which it is sent, its timeliness (i.e., a reasonable time before the disposition is to take place), and its content. See Sections 9-612 [Maine cite section 9-1612] (timeliness of notification), 9-613 [Maine cite section 9-1613] (contents of notification generally), 9-614 [Maine cite section 9-1614] (contents of notification in consumer-goods transactions).

3. Notification to Debtors and Secondary Obligors. This section imposes a duty to send notification of a disposition not only to the debtor but also to any secondary obligor.