Missouri Revised Statutes













Chapter 400

Uniform Commercial Code

←400.09-504

Section 400.9-505.1

400.09-506→

August 28, 2015

Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.

400.9-505. (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 400.9-311(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 applies to the filing of a financing statement under

subsection (a) and, as appropriate, to compliance that is equivalent to

filing a financing statement under section 400.9-311(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.



(L. 1963 p. 503 § 9-505, A.L. 1988 S.B. 583, A.L. 2001 S.B. 288)



Effective 7-01-01





1991



1991



400.9-505. (1) If the debtor has paid sixty percent of the

cash price in the case of a purchase money security interest in

consumer goods or sixty percent of the loan in the case of

another security interest in consumer goods, and has not signed

after default a statement renouncing or modifying his rights

under this part a secured party who has taken possession of

collateral must dispose of it under section 400.9-504 and if he

fails to do so within ninety days after he takes possession the

debtor at his option may recover in conversion or under section

400.9-507(1) on secured party's liability.



(2) In any other case involving consumer goods or any other

collateral a secured party in possession may, after default,

propose to retain the collateral in satisfaction of the

obligation. Written notice of such proposal shall be sent to the

debtor. Except in cases of consumer goods, notice shall be sent

to any other secured party from whom the secured party has

received (before sending his notice to the debtor) written notice

of a claim of an interest in the collateral. If the secured

party receives objection in writing from a person entitled to

receive notification within twenty-one days after the notice was

sent, the secured party must dispose of the collateral under

section 400.9-504. In the absence of such written objection the

secured party may retain the collateral in satisfaction of the

debtor's obligation.



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