New Jersey § 12a:9-621
Full text of New Jersey New Jersey Statutes § 12a:9-621, with citation guidance and answers to common questions.
§ 12a:9-621.
(a) Persons to which proposal to be sent. 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, 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, 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 12A:9-311 (a). (b) Proposal to be sent to secondary obligor in partial satisfaction. 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) .
Frequently Asked Questions About New Jersey § 12a:9-621
What does New Jersey Statutes § 12a:9-621 cover?
Section 12a:9-621 is part of the New Jersey Statutes, the codified statutory law of New Jersey. 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 New Jersey § 12a:9-621?
A common citation format is "New Jersey Statutes § 12a:9-621" (New Jersey). 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 New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 12a:9-621 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey 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 New Jersey.