Section 9--620. Acceptance of Collateral in Full or Partial Satisfaction\n of Obligation; Compulsory Disposition of Collateral.\n (a) Conditions to acceptance in satisfaction. Except as otherwise\nprovided in subsections (g) and (h), a secured party may accept\ncollateral in full or partial satisfaction of the obligation it secures\nonly if:\n (1) the debtor consents to the acceptance under subsection (c);\n (2) the secured party does not receive, within the time set forth\n in subsection (d), a notification of objection to the\n proposal authenticated by:\n (A) a person to which the secured party was required to send\n a proposal under Section 9--621; or\n (B) any other person, other than the debtor, holding an\n interest in the collateral subordinate to the security\n interest that is the subject of the proposal;\n (3) if the collateral is consumer goods, the collateral is not in\n the possession of the debtor when the debtor consents to the\n acceptance; and\n (4) subsection (e) does not require the secured party to dispose\n of the collateral or the debtor waives the requirement\n pursuant to Section 9--624.\n (b) Purported acceptance ineffective. A purported or apparent\nacceptance of collateral under this section is ineffective unless:\n (1) the secured party consents to the acceptance in an\n authenticated record or sends a proposal to the debtor; and\n (2) the conditions of subsection (a) are met.\n (c) Debtor's consent. For purposes of this section:\n (1) a debtor consents to an acceptance of collateral in partial\n satisfaction of the obligation it secures only if the debtor\n agrees to the terms of the acceptance in a record\n authenticated after default; and\n (2) a debtor consents to an acceptance of collateral in full\n satisfaction of the obligation it secures only if the debtor\n agrees to the terms of the acceptance in a record\n authenticated after default or the secured party:\n (A) sends to the debtor after default a proposal that is\n unconditional or subject only to a condition that\n collateral not in the possession of the secured party be\n preserved or maintained;\n (B) in the proposal, proposes to accept collateral in full\n satisfaction of the obligation it secures; and\n (C) does not receive a notification of objection\n authenticated by the debtor within twenty days after the\n proposal is sent.\n (d) Effectiveness of notification. To be effective under subsection\n(a)(2), a notification of objection must be received by the secured\nparty:\n (1) in the case of a person to which the proposal was sent\n pursuant to Section 9--621, within 20 days after notification\n was sent to that person; and\n (2) in other cases:\n (A) within 20 days after the last notification was sent\n pursuant to Section 9--621; or\n (B) if a notification was not sent, before the debtor\n consents to the acceptance under subsection (c).\n (e) Mandatory disposition of consumer goods. A secured party that has\ntaken possession of collateral shall dispose of the collateral pursuant\nto Section 9--610 within the time specified in subsection (f) if:\n (1) sixty percent of the cash price has been paid in the case of\n a purchase-money security interest in consumer goods; or\n (2) sixty percent of the principal amount of the obligation\n secured has been paid in the case of a non-purchase-money\n security interest in consumer goods.\n (f) Compliance with mandatory disposition requirement. To comply with\nsubsection (e), the secured party shall
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