Secured party’s right to take possession after default (§ 8.9A-609)

§ 8.9A-609 – Secured party’s right to take possession after default

a. Possession; rendering equipment unusable; disposition on debtor’s premises. 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 § 8.9A-610.

b. Judicial and nonjudicial process. 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. Assembly of collateral. 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.