Arkansas Code
Subpart 1 - Default and Enforcement of Security Interest
§ 4-9-621. Notification of proposal to accept collateral

(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, ten (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, ten (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 § 4-9-311(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).

Structure Arkansas Code

Arkansas Code

Title 4 - Business and Commercial Law

Subtitle 1 - Uniform Commercial Code

Chapter 9 - Secured Transactions

Part 6 - Default

Subpart 1 - Default and Enforcement of Security Interest

§ 4-9-601. Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

§ 4-9-602. Waiver and variance of rights and duties

§ 4-9-603. Agreement on standards concerning rights and duties

§ 4-9-604. Procedure if security agreement covers real property or fixtures

§ 4-9-605. Unknown debtor or secondary obligor

§ 4-9-606. Time of default for agricultural lien

§ 4-9-607. Collection and enforcement by secured party

§ 4-9-608. Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus

§ 4-9-609. Secured party's right to take possession after default

§ 4-9-610. Disposition of collateral after default

§ 4-9-611. Notification before disposition of collateral

§ 4-9-612. Timeliness of notification before disposition of collateral

§ 4-9-613. Contents and form of notification before disposition of collateral: General

§ 4-9-614. Contents and form of notification before disposition of collateral: Consumer-goods transaction

§ 4-9-615. Application of proceeds of disposition — Liability for deficiency and right to surplus

§ 4-9-616. Explanation of calculation of surplus or deficiency

§ 4-9-617. Rights of transferee of collateral

§ 4-9-618. Rights and duties of certain secondary obligors

§ 4-9-619. Transfer of record or legal title

§ 4-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral

§ 4-9-621. Notification of proposal to accept collateral

§ 4-9-622. Effect of acceptance of collateral

§ 4-9-623. Right to redeem collateral

§ 4-9-624. Waiver