(1) After default, a secured creditor may make a proposal in writing to acquire one or more of the encumbered properties in total or partial satisfaction of the secured obligation.
(2) A secured creditor shall send the proposal under subsection (1) to —
(a) the grantor and the debtor;
(b) each person with an interest in the encumbered property that has notified the secured creditor in writing of that interest, at least 15 business days before the proposal under subsection (1) is sent to the grantor;
(c) each other secured creditor —
(i) that registered a notice with respect to a security interest in the encumbered property at least 15 business days before the proposal under subsection (1) is sent to the grantor, and
(ii) in possession of the encumbered property when the secured creditor took possession.
(3) In the proposal under subsection (1), the secured creditor shall include a statement —
(a) identifying the secured creditor and grantor and the encumbered properties that the secured creditor intends to acquire;
(b) indicating the amount owed, at the date the proposal under subsection (1) is sent, to satisfy the secured obligation, including —
(i) interest,
(ii) the reasonable cost of enforcement, and
(iii) the amount of the secured obligation to be satisfied;
(c) indicating whether the secured creditor intends to acquire the encumbered property described in the proposal under subsection (1) in total or as partial satisfaction of the secured obligation and, in the latter case, the amount of the obligation that is proposed to be satisfied by acquiring the encumbered property;
(d) indicating that the grantor, another person with an interest in the encumbered property or the debtor may terminate the enforcement or redeem the encumbered property as provided under section 93; and
(e) indicating the date after which the encumbered property may be acquired by the secured creditor.
(4) A secured creditor that makes a proposal under subsection (1) for the acquisition of an encumbered property —
(a) in full satisfaction of the secured obligation, acquires the encumbered property, unless the secured creditor receives an objection in writing from a person who receives the proposal under subsection (2) within 15 working days after the proposal is sent to that person;
(b) in partial satisfaction of the secured obligation, acquires the encumbered property if the secured creditor receives the consent in writing of a person who receives the proposal under subsection (2) within 15 working days after the proposal is sent to each person entitled to receive the proposal.
(5) A grantor may request the secured creditor to make a proposal under subsection (1) and, if the secured creditor accepts the request of the grantor, the secured creditor shall proceed as provided under subsections (2), (3) and (4).