2006 New York Code - Rights After Default; Judicial Enforcement; Consignor Or Buyer Of Accounts, Chattel Paper, Payment Intangibles, Or Promissory Notes



 
  Section 9--601. Rights after Default; Judicial Enforcement; Consignor or
                    Buyer of Accounts, Chattel Paper, Payment Intangibles,
                    or Promissory Notes.
    (a) Rights  of  secured  party after default. After default, a secured
  party has the rights provided in this  part  and,  except  as  otherwise
  provided  in Section 9--602, those provided by agreement of the parties.
  A secured party:
         (1) may reduce a  claim  to  judgment,  foreclose,  or  otherwise
             enforce the claim, security interest, or agricultural lien by
             any available judicial procedure; and
         (2) if  the collateral is documents, may proceed either as to the
             documents or as to the goods they cover.
    (b) Rights and duties of secured party in  possession  or  control.  A
  secured party in possession of collateral or control of collateral under
  Section  9--104,  9--105,  9--106,  or  9--107 has the rights and duties
  provided in Section 9--207.
    (c) Rights  cumulative;  simultaneous  exercise.  The   rights   under
  subsections   (a)   and   (b)   are  cumulative  and  may  be  exercised
  simultaneously.
    (d) Rights of debtor and obligor.  Except  as  otherwise  provided  in
  subsection  (g)  and  Section  9--605,  after  default,  a debtor and an
  obligor have the rights provided in this part and by  agreement  of  the
  parties.
    (e) Lien  of  levy  after judgment. If a secured party has reduced its
  claim to judgment, the lien of any  levy  that  may  be  made  upon  the
  collateral  by  virtue  of  an execution based upon the judgment relates
  back to the earliest of:
         (1) the  date  of  perfection  of  the   security   interest   or
             agricultural lien in the collateral;
         (2) the  date  of  filing  a  financing  statement  covering  the
             collateral; or
         (3) any date specified in a statute under which the  agricultural
             lien was created.
    (f) Execution  sale.  A sale pursuant to an execution is a foreclosure
  of the security interest or  agricultural  lien  by  judicial  procedure
  within  the meaning of this section. A secured party may purchase at the
  sale and thereafter hold the collateral free of any  other  requirements
  of this article.
    (g) Consignor  or  buyer  of  certain  rights  to  payment.  Except as
  otherwise provided in Section 9--607(c), this  part  imposes  no  duties
  upon  a  secured  party  that  is a consignor or is a buyer of accounts,
  chattel paper, payment intangibles, or promissory notes.

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