1. Except as otherwise provided in subsection 7, a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (a) The debtor consents to the acceptance under subsection 3; (b) The secured party does not receive, within the time set forth in subsection 4, a notification of objection to the proposal signed by: (1) A person to which the secured party was required to send a proposal under NRS 104.9621 ; or (2) Any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal; (c) If the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and (d) Subsection 5 does not require the secured party to dispose of the collateral. 2. A purported or apparent acceptance of collateral under this section is ineffective unless: (a) The secured party consents to the acceptance in a signed record or sends a proposal to the debtor; and (b) The conditions of subsection 1 are met. 3. For purposes of this section: (a) A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default; and (b) A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record signed after default or the secured party: (1) Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained; (2) In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and (3) Does not receive a notification of objection signed by the debtor within 20 days after the proposal is sent. 4. To be effective under paragraph (b) of subsection 1, a notification of objection must be received by the secured party: (a) In the case of a person to which the proposal was sent pursuant to NRS 104.9621 , within 20 days after notification was sent to the person; and (b) In other cases: (1) Within 20 days after the last notification was sent pursuant to NRS 104.9621 ; or (2) If a notification was not sent, before the debtor consents to the acceptance under subsection 3. 5. A secured party that has taken possession of collateral shall dispose of the collateral pursuant to NRS 104.9610 within the time specified in subsection 6 if: (a) Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or (b) Sixty percent of the principal amount of the obligation secured has been paid in the case of a non-purchase-money security interest in consumer goods. 6. To comply with subsection 5, the secured party shall dispose of the collateral: (a) Within 90 days after taking possession; or (b) Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and signed after default. 7. In a consumer transaction, a secured party may not accept collateral in partial satisfaction of the obligation it secures.
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