(b)__A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party:

(i)__Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;

(ii)__In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and

(iii)__Does not receive a notification of objection authenticated by the debtor within 20 days after the proposal is sent.

(4)__To be effective under subsection (1), paragraph (b), a notification of objection must be received by the secured party:

(a)__In the case of a person to which the proposal was sent pursuant to section 9-1621 within 20 days after notification was sent to that person; and

(b)__In other cases:

(i)__Within 20 days after the last notification was sent pursuant to section 9-1621; or

(ii)__If a notification was not sent, before the debtor consents to the acceptance under subsection (3).

(5)__A secured party that has taken possession of collateral shall dispose of the collateral pursuant to section 9-1610 within the time specified in subsection (6) if:

(a)__Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or

(b)__Sixty percent of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.