This Part deals with the seizure and disposal or retention of collateral following default by a debtor under a security agreement.

Division 2 contains rules about when and how a secured party may seize collateral.

Division 3 deals with the disposal of collateral by a secured party after seizure of the collateral.

Division 4 deals with the retention of collateral by a secured party after seizure of the collateral.

If a secured party proposes to dispose of, or retain, collateral, the party must give notice to the grantor and any other secured party with a security interest in the collateral that has a higher priority.

A person may object to a proposal by a secured party to enforce a security interest by purchasing or retaining the collateral (see Division 5).