On the other hand, if an acceptance is not effective because the debtor has not given his consent or because a party entitled to make a statement has objected in a timely manner, the subordinate interest is not discharged or denounced. See official note 2 to 9-622. In the case of In re Cadiz Properties, Inc., 278 B.R. 105 (ND Tex. 2002), it was found that, if no proposal for acceptance had ever been made, there could be no transfer of ownership of shares to the insured party and, as the owner of shares giving the debtor a dominant interest in the company, a debtor-elected board of directors had the power to bankrupt the business. (A) forwards to the debtor, after a late payment, a proposal that is unconditional or that is subordinated only to the receipt or maintenance of security that is not held by the guaranteed party; (a) in the event of a late payment, a guaranteed part (1) may take possession of the security; and (2) without distance, the devices can render unusable and hold guarantees on a debtor`s premises. Would full or partial satisfaction of the debt ensure the lender`s security? Should the lender have the opportunity to oppose a proposal for full or partial acceptance? a) Could Chavers have just kept the jet in Debt Satisfaction? Given the circumstances of this case, would the debtors have likely agreed to accept the debt in full satisfaction? Could Chavers probably have offered an acceptance for the entire debt? But what are the circumstances that could prompt Chavers to propose acceptance for the entire debt? (B) any other person, on the issue of the debtor, who holds a shareholding in the collateral subject to the guarantees that are the subject of the proposal; According to the new sections 9 to 620 (e) and f), a debtor paid 60% of the cash price of a sale of security interest for consumer goods or 60% of the principal amount of the inactivity obligation in consumer goods, the insured must sell the goods within 90 days of the date of possession or within a longer period set by the debtor and all those liable for the assistance as a result. In the event of a late payment, the creditor may sue the debtor for a judgment. But the whole purpose of secure transactions is to avoid this costly and tedious litigation. The most typical situation is that the creditor withdraws the collateral and sells it either at auction (sale) or keeps it in debt satisfaction (strict seizure). In the first situation, the creditor can then act against the debtor for default. In consumer cases, the creditor cannot apply strict security if 60 per cent of the purchase price has been paid. Under the new section 9-620 (g), it is not possible to accept a debt in the event of partial satisfaction in a consumer transaction.
According to official note 12 to the new 9-620, an attempt to accept a debt in a consumer affair is for partial satisfaction. g) [No partial satisfaction in consumer transactions.] If the debtors and Chavers could agree on partial debt satisfaction, what would be the consequences for the secondary debtor (Ms. Frazier)? (1) the debtor accepts the acceptance referred to in point c); However, under the new section 9-620 (c) (2), a debtor “accepts” an acceptance for full debt satisfaction if, within twenty days of the proposal being sent, the debtor receives an essentially unconditional proposal against which the debtor does not object. Under the new section 9-620 bis (a) (2), parties other than the debtor agree only in the sense that they do not object in a timely manner. Under the new sections 9-622 (a) (a) and (a) (a) (2), effective acceptance (approved by the debtor and not challenged in a timely manner by a consenting party) exempts the obligation to the extent consented by the debtor and transfers all the debtor`s rights over the guarantees to the insured party.