28-9-617. RIGHTS OF TRANSFEREE OF COLLATERAL. (a) A secured party’s disposition of collateral after default:
(1) Transfers to a transferee for value all of the debtor’s rights in the collateral;
(2) Discharges the security interest under which the disposition is made; and
(3) Discharges any subordinate security interest or other subordinate lien.
(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a) of this section, even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(c) If a transferee does not take free of the rights and interests described in subsection (a) of this section, the transferee takes the collateral subject to:
(1) The debtor’s rights in the collateral;
(2) The security interest or agricultural lien under which the disposition is made; and
(3) Any other security interest or other lien.
History:
[28-9-617, added 2001, ch. 208, sec. 2, p. 790.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 9 - SECURED TRANSACTIONS
Section 28-9-602 - WAIVER AND VARIANCE OF RIGHTS AND DUTIES.
Section 28-9-603 - AGREEMENT ON STANDARDS CONCERNING RIGHTS AND DUTIES.
Section 28-9-604 - PROCEDURE IF SECURITY AGREEMENT COVERS REAL PROPERTY OR FIXTURES.
Section 28-9-605 - UNKNOWN DEBTOR OR SECONDARY OBLIGOR.
Section 28-9-606 - TIME OF DEFAULT FOR AGRICULTURAL LIEN.
Section 28-9-607 - COLLECTION AND ENFORCEMENT BY SECURED PARTY.
Section 28-9-609 - SECURED PARTY’S RIGHT TO TAKE POSSESSION AFTER DEFAULT.
Section 28-9-610 - DISPOSITION OF COLLATERAL AFTER DEFAULT.
Section 28-9-611 - NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
Section 28-9-612 - TIMELINESS OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
Section 28-9-613 - CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL — GENERAL.
Section 28-9-616 - EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY.
Section 28-9-617 - RIGHTS OF TRANSFEREE OF COLLATERAL.
Section 28-9-618 - RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS.
Section 28-9-619 - TRANSFER OF RECORD OR LEGAL TITLE.
Section 28-9-621 - NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.
Section 28-9-622 - EFFECT OF ACCEPTANCE OF COLLATERAL.
Section 28-9-623 - RIGHT TO REDEEM COLLATERAL.
Section 28-9-625 - REMEDIES FOR SECURED PARTY’S FAILURE TO COMPLY WITH CHAPTER.
Section 28-9-626 - ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.
Section 28-9-627 - DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE.