70A-9a-601 - Rights after default -- Judicial enforcement -- Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. - Utah Statutes

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70A-9a-601. Rights after default -- Judicial enforcement -- Consignor or buyer ofaccounts, chattel paper, payment intangibles, or promissory notes.
(1) After default, a secured party has the rights provided in this part and, except asotherwise provided in Section 70A-9a-602, those provided by agreement of the parties. Asecured party:
(a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, securityinterest, or agricultural lien by any available judicial procedure; and
(b) if the collateral is documents, may proceed either as to the documents or as to thegoods they cover.
(2) A secured party in possession of collateral or control of collateral under Section70A-7a-106, 70A-9a-104, 70A-9a-105, 70A-9a-106, or 70A-9a-107 has the rights and dutiesprovided in Section 70A-9a-207.
(3) The rights under Subsections (1) and (2) are cumulative and may be exercisedsimultaneously.
(4) Except as otherwise provided in Subsection (7) and Section 70A-9a-605, afterdefault, a debtor and an obligor have the rights provided in this part and by agreement of theparties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may bemade upon the collateral by virtue of an execution based upon the judgment relates back to theearliest of:
(a) the date of perfection of the security interest or agricultural lien in the collateral;
(b) the date of filing a financing statement covering the collateral; or
(c) any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agriculturallien by judicial procedure within the meaning of this section. A secured party may purchase atthe sale and thereafter hold the collateral free of any other requirements of this chapter.
(7) Except as otherwise provided in Subsection 70A-9a-607(3), this part imposes noduties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, paymentintangibles, or promissory notes.

Amended by Chapter 42, 2006 General Session

State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-09a > 70a-9a-601

70A-9a-601. Rights after default -- Judicial enforcement -- Consignor or buyer ofaccounts, chattel paper, payment intangibles, or promissory notes.
(1) After default, a secured party has the rights provided in this part and, except asotherwise provided in Section 70A-9a-602, those provided by agreement of the parties. Asecured party:
(a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, securityinterest, or agricultural lien by any available judicial procedure; and
(b) if the collateral is documents, may proceed either as to the documents or as to thegoods they cover.
(2) A secured party in possession of collateral or control of collateral under Section70A-7a-106, 70A-9a-104, 70A-9a-105, 70A-9a-106, or 70A-9a-107 has the rights and dutiesprovided in Section 70A-9a-207.
(3) The rights under Subsections (1) and (2) are cumulative and may be exercisedsimultaneously.
(4) Except as otherwise provided in Subsection (7) and Section 70A-9a-605, afterdefault, a debtor and an obligor have the rights provided in this part and by agreement of theparties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may bemade upon the collateral by virtue of an execution based upon the judgment relates back to theearliest of:
(a) the date of perfection of the security interest or agricultural lien in the collateral;
(b) the date of filing a financing statement covering the collateral; or
(c) any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agriculturallien by judicial procedure within the meaning of this section. A secured party may purchase atthe sale and thereafter hold the collateral free of any other requirements of this chapter.
(7) Except as otherwise provided in Subsection 70A-9a-607(3), this part imposes noduties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, paymentintangibles, or promissory notes.

Amended by Chapter 42, 2006 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-70a > Chapter-09a > 70a-9a-601

70A-9a-601. Rights after default -- Judicial enforcement -- Consignor or buyer ofaccounts, chattel paper, payment intangibles, or promissory notes.
(1) After default, a secured party has the rights provided in this part and, except asotherwise provided in Section 70A-9a-602, those provided by agreement of the parties. Asecured party:
(a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, securityinterest, or agricultural lien by any available judicial procedure; and
(b) if the collateral is documents, may proceed either as to the documents or as to thegoods they cover.
(2) A secured party in possession of collateral or control of collateral under Section70A-7a-106, 70A-9a-104, 70A-9a-105, 70A-9a-106, or 70A-9a-107 has the rights and dutiesprovided in Section 70A-9a-207.
(3) The rights under Subsections (1) and (2) are cumulative and may be exercisedsimultaneously.
(4) Except as otherwise provided in Subsection (7) and Section 70A-9a-605, afterdefault, a debtor and an obligor have the rights provided in this part and by agreement of theparties.
(5) If a secured party has reduced its claim to judgment, the lien of any levy that may bemade upon the collateral by virtue of an execution based upon the judgment relates back to theearliest of:
(a) the date of perfection of the security interest or agricultural lien in the collateral;
(b) the date of filing a financing statement covering the collateral; or
(c) any date specified in a statute under which the agricultural lien was created.
(6) A sale pursuant to an execution is a foreclosure of the security interest or agriculturallien by judicial procedure within the meaning of this section. A secured party may purchase atthe sale and thereafter hold the collateral free of any other requirements of this chapter.
(7) Except as otherwise provided in Subsection 70A-9a-607(3), this part imposes noduties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, paymentintangibles, or promissory notes.

Amended by Chapter 42, 2006 General Session