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A. Notification Date. In this section, “notification date” means the earlier of the date on which:

1. A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or

2. The debtor and any secondary obligor waive the right to notification.

B. Notification of Disposition Required. Except as otherwise provided in subsection (D) of this section, a secured party that disposes of collateral under 27A ONC § 9-610 shall send to the persons specified in subsection (C) of this section a reasonable signed notification of disposition.

C. Persons to Be Notified. To comply with subsection (B) of this section, the secured party shall send a signed notification of disposition to:

1. The debtor;

2. Any secondary obligor; and

3. If the collateral is other than consumer goods:

a. 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;

b. Any other secured party or lien holder that, fourteen (14) calendar 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:

i. Identified the collateral;

ii. Was indexed under the debtor’s name as of that date; and

iii. Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and

c. Any other secured party that, fourteen (14) calendar days before the notification date, held a security interest in the collateral perfected by compliance with other applicable law (27A ONC § 9-311).

D. Subsection (B) of This Section Inapplicable – Perishable Collateral, Recognized Market. Subsection (B) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.

E. Compliance with Subsection (C)(3)(b) of This Section. A secured party complies with the requirement for notification prescribed by subsection (C)(3)(b) of this section if:

1. Not later than twenty (20) calendar days or earlier than thirty (30) calendar 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 (C)(3)(b) of this section; and

2. Before the notification date, the secured party:

a. Did not receive a response to the request for information, or

b. Received a response to the request for information and sent a signed notification of disposition to each secured party or other lien holder named in that response whose financing statement covered the collateral. ONCA 07-22, eff. June 18, 2007.