A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
(1) A description of the collateral pursuant to section 4-9-108; or
(2) An indication that the financing statement covers all assets or all personal property.
Source: L. 2001: Entire article R&RE, p. 1381, § 1, effective July 1.
Editor's note: This section is similar to former § 4-9-402 (1) as it existed prior to 2001. 4-9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions. (a) A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in section 4-9-311 (a), using the terms "consignor", "consignee", "lessor", "lessee", "bailor", "bailee", "licensor", "licensee", "owner", "registered owner", "buyer", "seller", or words of similar import, instead of the terms "secured party" and "debtor".
(b) This part 5 applies to the filing of a financing statement under subsection (a) of this section and, as appropriate, to compliance that is equivalent to filing a financing statement under section 4-9-311 (b), but the filing or compliance is not of itself a factor in determining whether the collateral secures an obligation. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer which attaches to the collateral is perfected by the filing or compliance.
Source: L. 2001: Entire article R&RE, p. 1381, § 1, effective July 1.
Editor's note: This section is similar to former § 4-9-408 as it existed prior to 2001.
Notes of Decisions
May v. Women's Bank, N.A., 807 P.2d 1145 (Colo. 1991).
· cites it 19× “ons with respect to a debtor’s right to require that collateral be disposed- of in a commercially reasonable manner: 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…”
First Nat'l Bank of Denver v. Cillessen, 622 P.2d 598 (Colo. Ct. App. 1980).
· cites it 9× “The grounds for dismissal were that the bank had not given notice of the sales of the collateral to the defendants pursuant to § 4-9-504(3), C.R.S. 1973, and that it had not satisfied its burden of proof as to the value of the collateral sold.”
Young v. Golden State Bank, 560 P.2d 855 (Colo. Ct. App. 1977).
· cites it 11× “Knowledge that the holder of a subordinate security interest had not been given the notice required by § 4-9-504, C.R.S.1973, might be evidence of a want of good faith on the part of a purchaser.”
Cooper Investments v. Conger, 775 P.2d 76 (Colo. Ct. App. 1989).
· cites it 11× “At trial, guarantors asserted that this was a commercially unreasonable sale under § 4-9-504(3), C.R.S., of the Uniform Commercial Code.”
Silverberg v. Colantuno, 991 P.2d 280 (Colo. Ct. App. 1999).
· cites it 8× “Section 4-9-504, C.R.S.1997, provides that a secured party, after default, “may sell, lease or otherwise dispose of any or all of the collateral .”
In Re Wells, 51 B.R. 563 (D. Colo. 1985).
· cites it 5× “In addition to providing this *568 right to the creditor, § 4-9-504 imposes certain obligations on the creditor.”
Cooper v. First Interstate Bank of Denver, N.A., 756 P.2d 1017 (Colo. Ct. App. 1988).
· cites it 7× “There is no statutory time limit within which the creditor is required to dispose of the collateral; instead, the disposition need only be made in a commercially reasonable time.”
Wiley v. Bank of Fountain Valley, 632 P.2d 282 (Colo. Ct. App. 1981).
· cites it 5× “pursuant to § 4-9-504, C.R.S.1973. The letter stated that foreclosure proceedings would be initiated against the Moreno land through the *284 office of the Public trustee and requested delivery of the automobile to the bank.”
Vogel v. Carolina Int'l, Inc., 711 P.2d 708 (Colo. Ct. App. 1985).
· cites it 4× “If the debtor objects within 21 days of receipt of notification, the secured creditor must dispose of the collateral under § 4-9-504, C.R.S. The trial court instructed the jury that the creditor's notification "must be within sufficient time to allow a commercially reasonable…”
United Bank of Denver v. Reed, 635 P.2d 922 (Colo. Ct. App. 1981).
· cites it 8× “The Reeds defended primarily on the bases (1) that there was no balance owing and therefore no consideration for the new note and (2) that the bank did not comply with the notice of *924 sale and commercially reasonable sale requirements of the Uniform Commercial Code (UCC), §…”
Alamosa Nat'l Bank v. San Luis Valley Grain Growers, Inc., 756 P.2d 1022 (Colo. Ct. App. 1988).
· cites it 4× “, and as required by § 4-9-504, C.R.S. (1987 Cum. Supp.), that the Bank had elected to accept the collateral as a discharge of the entire obligation pursuant to § 4-9-505(2), C.”
— Colo. Rev. Stat. § 4-9-504(1) — 3 cases
United Bank of Denver v. Reed, 635 P.2d 922 (Colo. Ct. App. 1981).
“The Reeds defended primarily on the bases (1) that there was no balance owing and therefore no consideration for the new note and (2) that the bank did not comply with the notice of *924 sale and commercially reasonable sale requirements of the Uniform Commercial Code (UCC), §…”
— Colo. Rev. Stat. § 4-9-504(2) — 4 cases
In Re Wells, 51 B.R. 563 (D. Colo. 1985).
“In addition to providing this *568 right to the creditor, § 4-9-504 imposes certain obligations on the creditor.”
Silverberg v. Colantuno, 991 P.2d 280 (Colo. Ct. App. 1999).
“Section 4-9-504, C.R.S.1997, provides that a secured party, after default, “may sell, lease or otherwise dispose of any or all of the collateral .”
— Colo. Rev. Stat. § 4-9-504(3) — 21 cases
May v. Women's Bank, N.A., 807 P.2d 1145 (Colo. 1991).
“ons with respect to a debtor’s right to require that collateral be disposed- of in a commercially reasonable manner: 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…”
First Nat'l Bank of Denver v. Cillessen, 622 P.2d 598 (Colo. Ct. App. 1980).
“The grounds for dismissal were that the bank had not given notice of the sales of the collateral to the defendants pursuant to § 4-9-504(3), C.R.S. 1973, and that it had not satisfied its burden of proof as to the value of the collateral sold.”
Cooper Investments v. Conger, 775 P.2d 76 (Colo. Ct. App. 1989).
“At trial, guarantors asserted that this was a commercially unreasonable sale under § 4-9-504(3), C.R.S., of the Uniform Commercial Code.”
— Colo. Rev. Stat. § 4-9-504(4) — 3 cases
Silverberg v. Colantuno, 991 P.2d 280 (Colo. Ct. App. 1999).
“Section 4-9-504, C.R.S.1997, provides that a secured party, after default, “may sell, lease or otherwise dispose of any or all of the collateral .”
— Colo. Rev. Stat. § 4-9-504(4)(b) — 1 case
Young v. Golden State Bank, 560 P.2d 855 (Colo. Ct. App. 1977).
“Knowledge that the holder of a subordinate security interest had not been given the notice required by § 4-9-504, C.R.S.1973, might be evidence of a want of good faith on the part of a purchaser.”
— Colo. Rev. Stat. § 4-9-504(l)(a) — 1 case
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