United States — Louisiana Statutes

RS 10:9-611

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A secured party disposing of collateral must send a reasonable signed notice of disposition to specified persons, unless an exception applies.

• Collateral disposition
• Notification

RS 10:9-612

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A notice of disposition is treated as sent within a reasonable time if it is sent after default and at least 10 days before disposition in a non-consumer transaction, or at least 21 days before disposition in a consumer transaction.

• Collateral disposition
• Notice timing

RS 10:9-613

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This section says what information a notice of collateral disposition must include, with an exception for consumer-goods transactions.

• Collateral disposition notifications

RS 10:9-614

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In a consumer-goods transaction, a disposition notice must include specified information, and the form instructions require certain items to be completed.

• Collateral disposition notice
• Consumer-goods transaction

RS 10:9-615

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A secured party must distribute cash proceeds from a collateral sale in the statutory order, and may have to handle noncash proceeds only if not commercially unreasonable.

• Disposition of collateral
• Proceeds distribution
• Surplus and deficiency

RS 10:9-616

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After certain collateral sales, the secured party must send a written explanation of the surplus or deficiency, and may charge up to $25 for extra responses.

• Collateral disposition
• Consumer disclosures
• Debt collection

RS 10:9-617

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A good-faith transferee can take collateral free of certain rights and interests; otherwise, the transferee takes the collateral subject to them.

• Collateral transfer
• Security interests

RS 10:9-618

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A secondary obligor gets the secured party’s rights and must perform the secured party’s duties after certain assignments, transfers, or subrogation.

• Assignment
• Collateral
• Secured party duties
• Subrogation

RS 10:9-619

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A transfer statement lets the transferee get record transfer of the debtor’s rights in the collateral, and the responsible official must process it if the fee and request form are submitted.

• Collateral transfer
• Filing systems
• Title records

RS 10:9-620

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A secured party may accept collateral in full or partial satisfaction only if the statute’s consent, notice, and consumer-goods conditions are met.

• Collateral
• Consumer goods
• Default
• Deficiency
• Secured party remedies

RS 10:9-621

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A secured party seeking to accept collateral must send its proposal to specified interested parties, and also to any secondary obligor if the acceptance is only partial satisfaction.

• Collateral
• Notification
• Secured party

RS 10:9-622

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If a secured party accepts collateral in full or partial satisfaction of the debt, the debtor’s obligation is discharged to the agreed extent and related interests are transferred or terminated.

• Collateral
• Debt satisfaction

RS 10:9-623

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Certain debtors, secondary obligors, secured parties, or lienholders may redeem collateral if they tender the required amounts.

• Collateral redemption

RS 10:9-624

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A debtor or secondary obligor may waive certain collateral rights only by a signed post-default agreement, and the redemption right waiver does not apply in consumer-goods transactions.

• Collateral disposition
• Redemption
• Waiver

RS 10:9-625

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This section lets courts order or stop collateral enforcement for noncompliance, lets affected persons recover actual and some statutory damages, and bars punitive or exemplary damages.

• Collateral enforcement
• Noncompliance remedies
• Statutory damages

RS 10:9-626

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If deficiency or surplus is disputed, the secured party may have to prove compliance, and a debtor’s deficiency liability is limited by the statute’s calculation rules.

• Burden of proof
• Deficiency judgments
• Security interests

RS 10:9-627

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This section explains when a secured party’s collection, enforcement, disposition, or acceptance counts as commercially reasonable.

• Collateral disposition
• Commercial reasonableness

RS 10:9-628

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This section limits when a secured party is liable for noncompliance with the chapter.

• Collateral control
• Deficiency liability
• Liability limitation

RS 10:9-629

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This section allows certain records, affidavits, and verified petitions to be used as authentic evidence in executory or ordinary process involving security interests and related obligations.

• Agricultural liens
• Executory process
• Foreclosure
• Ordinary process
• Security interests

RS 10:9-701

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This section says the chapter takes effect on July 1, 2001.