The Teeth Behind Non-Compliance by the Secured Creditor Sample Clauses

The Teeth Behind Non-Compliance by the Secured Creditor. Unlike prior versions of the UCC, the newly revised Code at §§9- 625 through 9-628 allows for the enforcement against secured party’s non-compliance with Article 9. UCC §9-625 sets forth two basic remedies. First, an aggrieved party can obtain injunctive relief if it is established that a secured party is not proceeding in accordance with Article 9. Also available are damages in the amount of any loss caused by the failure to comply with Article 9. These damages can include any loss resulting from the debtor’s inability to obtain, or the increased costs of alternative financing. Proper plaintiffs are debtors, obligors or persons holding security interests or other liens on the collateral at the time of the failure. In addition, if the collateral is consumer goods, a person that was a debtor or a secondary obligor can acquire a minimum amount of damages, an amount not less than the credit service charge plus ten percent (10%) of the principal amount of the obligation or the “time price differential” plus ten percent (10%) of the cash price. Bear in mind that most of these terms are not defined by the UCC and are left to judicial interpretation to effectuate the public policy of providing a minimum recovery to the consumer goods debtor or secondary obligor. In addition to the general damages provision of UCC §9-625(b), subsection (e) and (f) grant statutory damages for violations of specific Article 9 provisions -- $500.00 per occurrence – for violations of UCC §§ 9-208 (failure to exercise reasonable care of collateral in the secured creditor’s possession), 9-209 (failure to give account debtor notification that no further amounts are due), filing an unauthorized Financing Statement under 9-509, failing to file a Termination Statement and violating 9-616(b)(1) and (b)(2) (providing and explanation of a deficiency or surplus); and failing to comply with a UCC §9-210 request for an accounting, etc. UCC §9-626 places a heavy burden on instances by the secured party of non-compliance in non-consumer based transactions where the amount of a deficiency or surplus are at issue. Under this section, a secured party need not prove its compliance with UCC §§9-601 et seq. But, if non-compliance becomes an issue then the secured party has the burden of proving compliance. If the secured party fails to make such a showing then, the debtor’s or secondary obligor’s liability for a deficiency is limited to the difference between the sum secured and the greater of the procee...
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