1. Notification date. In this section, “notification date” means the earlier of the dates on which: a. a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or b. the debtor and any secondary obligor waive the right to notification. 2. Notification of disposition required. Except as otherwise provided in subsection 4, a secured party that disposes of collateral under section 554.9610 shall send to the persons specified in subsection 3 a reasonable signed notification of disposition. 3. Persons to be notified. To comply with subsection 2, the secured party shall send a signed notification of disposition to: a. the debtor; b. any secondary obligor; and c. if the collateral is other than consumer goods: (1) any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral; (2) any other secured party or lienholder that, ten days before the notification date, 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 in which to filea financingstatement against the debtor covering the collateral as of that date; and (3) any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 554.9311, subsection 1. 4. Subsection 2 inapplicable — perishable collateral — recognized market. Subsection 2 does not apply ifthe collateral isperishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market. 5. Compliance with subsection 3, paragraph “c”, subparagraph (2). A secured party complies with the requirement for notification prescribed by subsection 3, paragraph “c”, subparagraph (2), if: a. not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subsection 3,paragraph “c”, subparagraph (2); and b. before the notification date, the secured party: (1) did not receive a response to the request for information; or (2) received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named inthat response whose financing statement covered the collateral.
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