UTAH CODE (Last Updated: January 16, 2015) |
Title 70A. Uniform Commercial Code |
Chapter 9a. Uniform Commercial Code - Secured Transactions |
Part 6. Default |
§ 70A-9a-601. Rights after default -- Judicial enforcement -- Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Latest version.
-
(1) After default, a secured party has the rights provided in this part and, except as otherwise provided in Section 70A-9a-602, those provided by agreement of the parties. A secured party: (a) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, 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 the goods they cover. (2) A secured party in possession of collateral or control of collateral under Section 70A-7a-106, 70A-9a-104, 70A-9a-105, 70A-9a-106, or 70A-9a-107 has the rights and duties provided in Section 70A-9a-207. (3) The rights under Subsections (1) and (2) are cumulative and may be exercised simultaneously. (4) Except as otherwise provided in Subsection (7) and Section 70A-9a-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties. (6) 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. (7) Except as otherwise provided in Subsection 70A-9a-607(3), 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.
Amended by Chapter 42, 2006 General Session