US Uniform Commercial Code Article 9 Secured Transactions
Part 6: default, collection, repossession, disposition, acceptance of collateral, redemption and remedies – US Uniform Commercial Code Article 9 Secured Transactions

US Uniform Commercial Code Article 9 Secured Transactions 9-601-9-606-rights-after-default: After default, exercise the rights the agreement and the statute give, follow judicial procedure where used, respect the non-waivable debtor protections, and apply the reasonable standards agreed

What does 9-601-9-606-rights-after-default require?

After default a secured party holds the rights Article 9 and the security agreement give it, may reduce its claim to judgment, foreclose or enforce by any available judicial procedure, and, where the collateral is documents, proceed as to the documents or the goods; a secured party in possession or control has the section 9-207 rights and duties; a judicial lien obtained relates back to the earliest filing or perfection; buyers of receivables have only the rights their agreement gives them against the seller (section 9-601). Debtors and obligors cannot waive or vary the listed protections: the duties of a secured party in possession, the duty to account for surplus, the collection and enforcement duties, the notification and commercially reasonable disposition requirements, the acceptance-in-satisfaction rules, the right to redeem and the remedies for non-compliance (section 9-602), though the parties may set standards for measuring those duties if not manifestly unreasonable (section 9-603), and a debtor may waive some rights after default by an authenticated agreement (section 9-624). Where the agreement covers real and personal property the secured party may proceed under Article 9 or under real property law for both (section 9-604); a secured party has no duty towards a debtor or obligor whose existence it does not know of (section 9-605); and an agricultural lien's default is the time the lien statute fixes (section 9-606).

Maintained by Gerard Blokdyk

Other controls in Part 6: default, collection, repossession, disposition, acceptance of collateral, redemption and remedies – US Uniform Commercial Code Article 9 Secured Transactions

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