§ 9-608. Application of proceeds of collection or enforcement; liability for deficiency and rig...
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 9-608
§ 9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
(C) The satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under § 9-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
Credits
Added by Acts 1999, c. 282, § 2, eff. July 1, 2001. Amended by Acts 2001, c. 408, § 2, eff. July 1, 2001.
MD Code, Commercial Law, § 9-608, MD COML § 9-608
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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