1999 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 336 Uniform Commercial Code
Section 336.9-503 Secured party's right to take possession after default.
336.9-503 Secured party's right to take possession after default.
Unless otherwise agreed a secured party has on default the right to take possession of the collateral. In taking possession a secured party may proceed without judicial process if this can be done without breach of the peace or may proceed by action. If the security agreement so provides the secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties. Without removal a secured party may render equipment unusable, and may dispose of collateral on the debtor's premises under section 336.9-504.
HIST: 1965 c 811 s 336.9-503
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