{"id":2613,"date":"2022-04-29T04:32:00","date_gmt":"2022-04-29T04:32:00","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=2613"},"modified":"2022-05-20T23:45:07","modified_gmt":"2022-05-20T23:45:07","slug":"commercial-code-com-9615","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/","title":{"rendered":"Commercial Code &#8211; COM 9615"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l2jxrljp-96c1b9b68bf1dddf639a298eb54ca675\">\n#top .av-special-heading.av-l2jxrljp-96c1b9b68bf1dddf639a298eb54ca675{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l2jxrljp-96c1b9b68bf1dddf639a298eb54ca675 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l2jxrljp-96c1b9b68bf1dddf639a298eb54ca675 .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l2jxrljp-96c1b9b68bf1dddf639a298eb54ca675 av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Commercial Code &#8211; COM \u00a7 9615<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad\">\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchform_wrapper{\nborder-color:#edae44;\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #s.av-input-field{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon{\ncolor:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av-input-field-icon.av-search-icon.avia-svg-icon svg:first-child{\nfill:#edae44;\nstroke:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad #searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l2jxuaxa-85ad1d7764acaba7b215da81a84731ac '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div class=\"row\">\n<div class=\"subsection\"><\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p>(a)\u2002A secured party shall apply or pay over for application the cash proceeds of disposition\u00a0<span class=\"added-material\">under Section 9610<\/span>\u00a0in the following order to each of the following:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(1)\u2002The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorney&#8217;s fees and legal expenses incurred by the secured party.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002The satisfaction of obligations secured by the security interest or agricultural lien under which the disposition is made.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(3)\u2002The satisfaction of obligations secured by any subordinate security interest in or other subordinate lien on the collateral and to the satisfaction of any subordinate attachment lien or execution lien pursuant to\u00a0<span class=\"cite\">subdivision (b) of Section 701.040 of the Code of Civil Procedure\u00a0<\/span>if both of the following conditions are satisfied:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 80px\">(A)\u2002The secured party receives from the holder of the subordinate security interest or other lien an authenticated demand for proceeds or notice of the levy of attachment or execution before distribution of the proceeds is completed.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 80px\">(B)\u2002In a case in which a consignor has an interest in the collateral, the subordinate security interest or other lien is senior to the interest of the consignor.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(4)\u2002A secured party that is a consignor of the collateral if the secured party receives from the consignor an authenticated demand for proceeds before distribution of the proceeds is completed.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p>(b)\u2002If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. \u2002Unless the holder does so, the secured party need not comply with the holder&#8217;s demand under paragraph (3) of subdivision (a).<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(c)\u2002A secured party need not apply or pay over for application noncash proceeds of disposition under\u00a0<span class=\"added-material\"><span class=\"cite\">Section 9610\u00a0<\/span><\/span>unless the failure to do so would be commercially unreasonable. \u2002A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(d)\u2002If the security interest under which a disposition is made secures payment or performance of an obligation, after making the payments and applications required by subdivision (a) and permitted by subdivision (c), both of the following apply:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(1)\u2002Unless paragraph (4) of subdivision (a) requires the secured party to apply or pay over cash proceeds to a consignor, the secured party shall account to and pay a debtor for any surplus except as provided in\u00a0<span class=\"cite\">Section 701.040 of the Code of Civil Procedure\u00a0<\/span>.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002Subject to\u00a0<span class=\"cite\">subdivision (b) of Section 9626\u00a0<\/span>, the obligor is liable for any deficiency.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p>(e)(1)\u2002If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, both of the following apply:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(A)\u2002The debtor is not entitled to any surplus.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(B)\u2002The obligor is not liable for any deficiency.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002<span class=\"cite\">\u00a0Subdivision (b) of Section 701.040 of the Code of Civil Procedure\u00a0<\/span>relating to the payment of proceeds and the liability of the secured party applies only if the security agreement provides that the debtor is entitled to any surplus.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p>(f)\u2002The surplus or deficiency following a disposition is calculated based on the amount of proceeds that would have been realized in a disposition complying with this chapter to a transferee other than the secured party, a person related to the secured party, or a secondary obligor if both of the following apply:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(1)\u2002The transferee in the disposition is the secured party, a person related to the secured party, or a secondary obligor.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002The amount of proceeds of the disposition is significantly below the range of proceeds that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.<\/p>\n<\/div>\n<\/div>\n<div class=\"subsection\">\n<p>(g)\u2002The following rules apply with respect to a secured party that receives cash proceeds of a disposition in good faith and without knowledge that the receipt violates the rights of the holder of a security interest or other lien that is not subordinate to the security interest or agricultural lien under which the disposition is made:<\/p>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(1)\u2002The secured party takes the cash proceeds free of the security interest or other lien.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(2)\u2002The secured party is not obligated to apply the proceeds of the disposition to the satisfaction of obligations secured by the security interest or other lien.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p style=\"padding-left: 40px\">(3)\u2002The secured party is not obligated to account to or pay the holder of the security interest or other lien for any surplus.<\/p>\n<\/div>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":9,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2613","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Commercial Code - COM 9615 - California Statutes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commercial Code - COM 9615 - California Statutes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/\" \/>\n<meta property=\"og:site_name\" content=\"California Statutes\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-20T23:45:07+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/commercial-code-com-9615\\\/\",\"url\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/commercial-code-com-9615\\\/\",\"name\":\"Commercial Code - COM 9615 - California Statutes\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#website\"},\"datePublished\":\"2022-04-29T04:32:00+00:00\",\"dateModified\":\"2022-05-20T23:45:07+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/commercial-code-com-9615\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/commercial-code-com-9615\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/commercial-code-com-9615\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"California Statutes\",\"item\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/california-statutes\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Commercial Code &#8211; COM 9615\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#website\",\"url\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/\",\"name\":\"California Statutes\",\"description\":\"California Statutes\",\"publisher\":{\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#organization\",\"name\":\"CrowdSource Lawyers\",\"url\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"\",\"contentUrl\":\"\",\"caption\":\"CrowdSource Lawyers\"},\"image\":{\"@id\":\"https:\\\/\\\/crowdsourcelawyers.com\\\/california-statutes\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Commercial Code - COM 9615 - California Statutes","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/","og_locale":"en_US","og_type":"article","og_title":"Commercial Code - COM 9615 - California Statutes","og_url":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/","og_site_name":"California Statutes","article_modified_time":"2022-05-20T23:45:07+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/","url":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/","name":"Commercial Code - COM 9615 - California Statutes","isPartOf":{"@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/#website"},"datePublished":"2022-04-29T04:32:00+00:00","dateModified":"2022-05-20T23:45:07+00:00","breadcrumb":{"@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-9615\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/"},{"@type":"ListItem","position":2,"name":"California Statutes","item":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/"},{"@type":"ListItem","position":3,"name":"Commercial Code &#8211; COM 9615"}]},{"@type":"WebSite","@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/#website","url":"https:\/\/crowdsourcelawyers.com\/california-statutes\/","name":"California Statutes","description":"California Statutes","publisher":{"@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/#organization","name":"CrowdSource Lawyers","url":"https:\/\/crowdsourcelawyers.com\/california-statutes\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/#\/schema\/logo\/image\/","url":"","contentUrl":"","caption":"CrowdSource Lawyers"},"image":{"@id":"https:\/\/crowdsourcelawyers.com\/california-statutes\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/pages\/2613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/comments?post=2613"}],"version-history":[{"count":1,"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/pages\/2613\/revisions"}],"predecessor-version":[{"id":2614,"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/pages\/2613\/revisions\/2614"}],"up":[{"embeddable":true,"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/pages\/2019"}],"wp:attachment":[{"href":"https:\/\/crowdsourcelawyers.com\/california-statutes\/wp-json\/wp\/v2\/media?parent=2613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}