Colorado § 4-9-621 - Notification of proposal to accept collateral.
Full text of Colorado Colorado Revised Statutes § 4-9-621 — Notification of proposal to accept collateral., with citation guidance and answers to common questions.
§ 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, a signed notification of a claim of an interest in the collateral;
(2) Any other secured party or lienholder that, ten 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 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 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) of this section.
Source: L. 2001: Entire article R&RE, p. 1415, § 1, effective July 1. L. 2023: (a)(1) amended, (SB 23-090), ch. 136, p. 568, § 86, effective August 7.
Editor's note: This section is similar to former § 4-9-505 as it existed prior to 2001.
ANNOTATION
Law reviews. For article, "The Revolution in Consumer Credit Legislation", see 45 Den. L.J. 679 (1968). For article, "Commercial Law", see 57 Den. L.J. 165 (1980). For article, "Secured Transactions — Part II: Default, Foreclosure and Bankruptcy", see 12 Colo. Law. 13 (1983).
Annotator's note. Section 4-9-621 is similar to § 4-9-505 as it existed prior to the 2001 repeal and reenactment of this article. Relevant cases construing § 4-9-505 have been included in the annotations to § 4-9-620.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 4-9-621
What does Colorado Revised Statutes § 4-9-621 cover?
Section 4-9-621 ("Notification of proposal to accept collateral.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 4-9-621?
A common citation format is "Colorado Revised Statutes § 4-9-621" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 4-9-621 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.