9601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes.
CHAPTER 96 DEFAULT Subchapter A. Default and Enforcement of Security Interest B. Noncompliance with Division Enactment. Chapter 96 was added June 8, 2001, P.L.123, No.18, effective July 1, 2001. Cross References. Chapter 96 is referred to in section 9335 of this title. SUBCHAPTER A DEFAULT AND ENFORCEMENT OF SECURITY INTEREST Sec. 9601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes. 9602. Waiver and variance of rights and duties. 9603. Agreement on standards concerning rights and duties. 9604. Procedure if security agreement covers real property or fixtures. 9605. Unknown debtor or secondary obligor. 9606. Time of default for agricultural lien. 9607. Collection and enforcement by secured party. 9608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus. 9609. Secured party's right to take possession after default. 9610. Disposition of collateral after default. 9611. Notification before disposition of collateral. 9612. Timeliness of notification before disposition of collateral. 9613. Contents and form of notification before disposition of collateral: general. 9614. Contents and form of notification before disposition of collateral: consumer-goods transaction. 9615. Application of proceeds of disposition; liability for deficiency and right to surplus. 9616. Explanation of calculation of surplus or deficiency. 9617. Rights of transferee of collateral. 9618. Rights and duties of certain secondary obligors. 9619. Transfer of record or legal title. 9620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral. 9621. Notification of proposal to accept collateral. 9622. Effect of acceptance of collateral. 9623. Right to redeem collateral. 9624. Waiver. § 9601. 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 chapter and, except as otherwise provided in section 9602 (relating to waiver and variance of rights and duties), 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 7106 (relating to control of electronic document of title), 9104 (relating to control of deposit account), 9105 (relating to control of electronic chattel paper), 9106 (relating to control of investment property) or 9107 (relating to control of letter-of-credit right) has the rights and duties provided in section 9207 (relating to rights and duties of secured party having possession or control of collateral). (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 9605 (relating to unknown debtor or secondary obligor), after default, a debtor and an obligor have the rights provided in this chapter 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 which 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 division. (g) Consignor or buyer of certain rights to payment.--Except as otherwise provided in section 9607(c) (relating to commercially reasonable collection and enforcement), this chapter imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles or promissory notes. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days) 2008 Amendment. Act 13 amended subsec. (b).