1. In this section, "notification date" means the earlier of the date on which:
a. A secured party sends to the debtor and any secondary obligor a signed notification of disposition; or b. The debtor and any secondary obligor waive the right to notification.
2. Except as otherwise provided in subsection 4, a secured party that disposes of collateral under section 41-09-107 shall send to the persons specified in subsection 3 a reasonable signed notification of disposition.
3. To comply with subsection 2, the secured party shall send a signed notification of disposition to:
a. The debtor;
b. Any secondary obligor;
c. Any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;
d. 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:
(1) Identified the collateral;
(2) Was indexed under the debtor's name as of that date; and (3) Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and e. 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 subsection 1 of section 41-09-31.
4. 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. A secured party complies with the requirements for notification prescribed by paragraph 2 of subdivision c of subsection 3 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 paragraph 2 of subdivision c of subsection 3; 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 a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.