1.  Notification date.   In this section , “notification date” means the earlier of the dates on which:

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a .  a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or

b .  the debtor and any secondary obligor waive the right to notification.

2.  Notification of disposition required.   Except as otherwise provided in subsection 4 , a secured party that disposes of collateral under section 554.9610 shall send to the persons specified in subsection 3 a reasonable authenticated notification of disposition.

3.  Persons to be notified.   To comply with subsection 2 , the secured party shall send an authenticated notification of disposition to:

a .  the debtor;

b .  any secondary obligor; and

c .  if the collateral is other than consumer goods:

(1)  any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;

(2)  any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(a)  identified the collateral;

(b)  was indexed under the debtor’s name as of that date; and

(c)  was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and

(3)  any other secured party that, ten days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in section 554.9311, subsection 1 .

4.  Subsection 2 inapplicable — perishable collateral — recognized market.   Subsection 2 does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.

5.  Compliance with subsection 3 , paragraph “c”, subparagraph (2).   A secured party complies with the requirement for notification prescribed by subsection 3 , paragraph “c” , subparagraph (2), if:

a .  not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor’s name in the office indicated in subsection 3 , paragraph “c” , subparagraph (2); and

b .  before the notification date, the secured party:

(1)  did not receive a response to the request for information; or

(2)  received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.