Tex. Bus. & Com. Code § 9.621 · Subchapter F. DEFAULT
NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) 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 which 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, 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, 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 Section 9.311(a).
(b) 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).
Notes and commentary — not statutory text
History
Added by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. July 1, 2001.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/BC/htm/BC.9.htm
- Text hash
- sha256 c2bf58f507743ac86f15f104af2e92a5c9fe35b6cd4d05bc9ade59a8cadddd6c
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 3 provisions
Provisions in this library whose text cites Tex. Bus. & Com. Code § 9.621. Each shows the citation as that text prints it.
Business & Commerce Code
- Tex. Bus. & Com. Code § 9.102DEFINITIONS AND INDEX OF DEFINITIONS.Printed as Sections 9.620, 9.621, and 9.622
- Tex. Bus. & Com. Code § 9.602WAIVER AND VARIANCE OF RIGHTS AND DUTIES.Printed as Sections 9.620, 9.621, and 9.622
- Tex. Bus. & Com. Code § 9.620ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL.Printed as Section 9.621
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.