☰ Revisor of Missouri

Title XXVI TRADE AND COMMERCE

Chapter 400

< > Effective - 28 Aug 2002, 2 histories bottom

  400.9-625.  Remedies for secured party's failure to comply with article. — (a)  If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.

  (b)  Subject to subsections (c), (d), and (f), a person is liable for damages in the amount of any loss caused by a failure to comply with this article.  Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.

  (c)  Except as otherwise provided in section 400.9-628:

  (1)  A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) for its loss; and

  (2)  If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus ten percent of the principal amount of the obligation or the time-price differential plus ten percent of the cash price.

  (d)  A debtor whose deficiency is eliminated under section 400.9-626 may recover damages for the loss of any surplus.  However, a debtor or secondary obligor whose deficiency is eliminated or reduced under section 400.9-626 may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.

  (e)  In addition to any damages recoverable under subsection (b), the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover five hundred dollars in each case from a person that:

  (1)  Fails to comply with section 400.9-208;

  (2)  Fails to comply with section 400.9-209;

  (3)  Files a record that the person is not entitled to file under section 400.9-509(a);

  (4)  Fails to cause the secured party of record to file or send a termination statement as required by section 400.9-513(a) or (c);

  (5)  Fails to comply with section 400.9-616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or

  (6)  Fails to comply with section 400.9-616(b)(2).

  (f)  A debtor or consumer obligor may recover damages under subsection (b) and, in addition, five hundred dollars in each case from a person that, without reasonable cause, fails to comply with a request under section 400.9-210.  A recipient of a request under section 400.9-210 which never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection.

  (g)  If a secured party fails to comply with a request regarding a list of collateral or a statement of account under section 400.9-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.

  (h)  This section shall apply on and after January 1, 2003.

­­--------

(L. 2001 S.B. 288, A.L. 2002 S.B. 895)


---- end of effective  28 Aug 2002 ----

use this link to bookmark section  400.9-625


 - All versions
Effective End
400.9-625 8/28/2002
400.9-625 7/1/2001 8/28/2002

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House