American Seaway Foods, Inc. v. Belden South Associates Ltd. Partnership

The sole issue certified to this court is whether a guarantor may waive, pursuant to R.C. 1309.44(C) and 1309.01(A)(4), the defenses to a deficiency judgment available under R.C. 1309.47(C) with respect to a private sale of collateral owned by a debtor. For the reasons that follow, we answer that question in the negative.

R.C. 1309.47(C), which governs a secured party’s right to dispose of collateral after default, provides:

“ * * * Unless collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, reasonable notification of the…