Section 400.9-609

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, see footnote   

  400.9-609.  Secured party's right to take possession after default. — (a)  After default, a secured party:

  (1)  May take possession of the collateral; and

  (2)  Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under section 400.9-610.

  (b)  A secured party may proceed under subsection (a):

  (1)  Pursuant to judicial process; or

  (2)  Without judicial process, if it proceeds without breach of the peace.

  (c)  If so agreed, and in any event after default, a 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.

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(L. 2001 S.B. 288)

Effective 7-01-01