Page:United States Statutes at Large Volume 77.djvu/797

 77 STAT. ]

PUBLIC LAW 88-243-DEC.- 30, 1963

§ 28:9—406. Release of collateral; duties of filing officer; fees A secured party of record may by his signed statement release all or a part of any collateral described in a filed financing statement. The statement of release is sufficient if it contains a description of the collateral being released, the name and address of the debtor, the name and address of the secured party, and the file number of the financing statement. Upon presentation of such a statement to the filing officer he shall attach the statement of release to the instrument to which it relates and shall enter on the released instrument and on the index record thereof the word "released", the date of filing of the statement of release, and a facsimile of his signature. The uniform fee for filing and noting such a statement of release shall be $2.00. § 28:9—407. Information from filing officer (1) If the person filing any financing statement, termination statement, statement of assignment, or statement of release, furnishes the filing officer a copy thereof, the filing officer shall upon request note npon the copy the file number and date and hour of the filing of the original and deliver or send the copy to such person. (2) Upon request of any person, the filing officer shall issue his certificate showing whether there is on file on the date and hour stated therein, any presently effective financing statement naming a particular debtor and any statement of assignment thereof and if there is, giving the date and hour of filing of each such statement and the names and addresses of each secured party therein. The uniform fee for such a certificate shall be $1.00 plus $0.50 for each financing statement and for each statement of assignment reported therein. Upon request the filing officer shall furnish a copy of any filed financing, continuation or termination statement or statement of assignment or release for a uniform fee of $3.00 for the first two pages or less, and $1.00 for each additional page, plus $0.50 for certification. PART 5—DEFAULT § 28:9—501. Default; procedure when security agreement covers both real and personal property (1) When a debtor is in default under a security agreement, a secured party has the rights and remedies provided in this part and except as limited by subsection (3) those provided in the security agreement. He may reduce his claim to judgment, foreclose or otherwise enforce the security interest by any available judicial procedure. If the collateral is documents the secured party may proceed either as to the documents or as to the goods covered thereby. A secured party in possession has the rights, remedies and duties provided in section 28:9—207. The rights and remedies referred to in this subsection are cumulative. (2) After default, the debtor has the rights and remedies provided in this part, those provided in the security agreement and those provided in section 28:9—207. (3) To the extent that they give rights to the debtor and impose duties on the secured party, the rules stated in the subsections referred to below may not be waived or varied except as provided with respect to compulsory disposition of collateral (subsection (1) of section 28:9—505) and with respect to redemption of collateral (section 28:9—506) but the parties may by agreement determine the standards by which the fulfillment of tliese rights and duties is to be measured if such standards are not manifestly unreasonable: (a) subsection (2) of section 28:9—502 and subsection (2) of section 28:9—504 insofar as they require accounting for surplus proceeds of collateral;

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