| | | notification of the disposition, the holder of the conflicting | | security interest would have the right to recover any loss under | | Section 9-625(b) [Maine cite section 9-1625, subsection (2)]. |
|
| | | 5. Authentication Requirement. Subsections (b) and (c) | | [Maine cite subsections (2) and (3)] explicitly provide that a | | notification of disposition must be "authenticated." Some cases | | read former Section 9-504(3) as validating oral notification. |
|
| | | 6. Second Try. This Article leaves to judicial resolution, | | based upon the facts of each case, the question whether the | | requirement of "reasonable notification" requires a "second try," | | i.e., whether a secured party who sends notification and learns | | that the debtor did not receive it must attempt to locate the | | debtor and send another notification. |
|
| | | 7. Recognized Market; Perishable Collateral. New subsection | | (d) [Maine cite subsection (4)] makes it clear that there is no | | obligation to give notification of a disposition in the case of | | perishable collateral or collateral customarily sold on a | | recognized market (e.g., marketable securities). Former Section | | 9-504(3) might be read (incorrectly) to relieve the secured party | | from its duty to notify a debtor but not from its duty to notify | | other secured parties in connection with dispositions of such | | collateral. |
|
| | | 8. Failure to Conduct Notified Disposition. Nothing in this | | Article prevents a secured party from electing not to conduct a | | disposition after sending a notification. Nor does this Article | | prevent a secured party from electing to send a revised | | notification if its plans for disposition change. This assumes, | | however, that the secured party acts in good faith, the revised | | notification is reasonable, and the revised plan for disposition | | and any attendant delay are commercially reasonable. |
|
| | | 9. Waiver. A debtor or secondary obligor may waive the right | | to notification under this section only by a post-default | | authenticated agreement. See Section 9-624(a) [Maine cite | | section 9-1624, subsection (1)]. |
|
| | | §9-1612.__Timeliness of notification before disposition of |
|
| | | (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 |
|
|
