47-9601. Rights after default; judicial
enforcement; consignor or buyer of accounts, chattel paper,
payment intangibles or promissory notes


A. After default, a secured party has the rights provided in this article and,
except as otherwise provided in section 47-9602, 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. A secured party in possession of collateral or control of collateral under
section 47-7106, 47-9104, 47-9105, 47-9106 or 47-9107 has the rights and duties provided
in section 47-9207.


C. The rights under subsections A and B of this section are cumulative and may be
exercised simultaneously.


D. Except as otherwise provided in subsection G of this section and section
47-9605, after default, a debtor and an obligor have the rights provided in this article
and by agreement of the parties.


E. If a secured party has reduced its claim to judgment, the lien of any levy that
may be made on the collateral by virtue of an execution based on 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. 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 chapter.


G. Except as otherwise provided in section 47-9607, subsection C, this article
imposes no duties on a secured party that is a consignor or is a buyer of accounts,
chattel paper, payment intangibles or promissory notes.