(1) In this section, "notification date" means the earlier of the date on which:

1. (a) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
2. (b) the debtor and any secondary obligor waive the right to notification.

(3) To comply with Subsection (2), the secured party shall send an authenticated notification of disposition to:

1. (a) the debtor;
2. (b) any secondary obligor; and

3. (c) if the collateral is other than consumer goods:

   1. (i) 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. (ii) any other secured party or lienholder that, 10 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. (A) identified the collateral;
      2. (B) was indexed under the debtor's name as of that date; and
      3. (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. (iii) any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in Subsection 70A-9a-311(1).

(5) A secured party complies with the requirement for notification prescribed by Subsection (3)(c)(ii) if:

1. (a) 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 (3)(c)(ii); and

2. (b) before the notification date, the secured party:

   1. (i) did not receive a response to the request for information; or
   2. (ii) 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.