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Memorandum [i] (October 15, 2015)

handle is hein.nccusl/nccpubtsta3983 and id is 1 raw text is: G ONZAGA SCHOOL OF LAW MEMORANDUM To: Drafting Committee for Amendments to the Model Tribal Secured Transactions Act From: Stephen L. Sepinuck Date: October 15, 2015 Re: Liability for Error As directed by the Drafting Committee, I revised § 9-626 to extend the rebuttable presumption rule to most consumer transactions but also drafted two alternative versions of the absolute bar rule for consumer transactions if the secured party conducted a commercially unreasonable collection or disposition. Each version would prevent the secured party from pursing the debtor or any primary or secondary obligor for a deficiency. The second alternative, which is phrased not as a limitation on liability but as a conclusive presumption about the amount of proceeds of the collection or disposition, would do more, however. It would also effectively prevent the secured party from foreclosing on any remaining collateral. The Committee should consider which of these options it prefers.

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