(a) Notification date.--As used in this section, the term "notification date" means the earlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required.--Except as otherwise provided in subsection (d), a secured party that disposes of collateral under section 9610 (relating to disposition of collateral after default) shall send to the persons specified in subsection (c) a reasonable signed notification of disposition.
(c) Persons to be notified.--To comply with subsection (b), the secured party shall send a signed notification of disposition to all of the following:
(1) The debtor.
(2) Any secondary obligor.
(3) If the collateral is other than consumer goods, all of the following:
(i) 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.
(ii) 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 which:
(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.
(iii) 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 9311(a) (relating to security interest subject to other law).
(d) Subsection (b) inapplicable: perishable collateral; recognized market.--Subsection (b) 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.
(e) Compliance with subsection (c)(3)(ii).--A secured party complies with the requirement for notification prescribed by subsection (c)(3)(ii) if both of the following paragraphs apply:
(1) Not later than 20 days or earlier than 30 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 (c)(3)(ii).
(2) Before the notification date, the secured party:
(i) did not receive a response to the request for information; or
(ii) 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.