Texas Business & Commerce Code
§ 9.601 — RIGHTS AFTER DEFAULT; JUDICIAL ENFORCEMENT; CONSIGNOR OR BUYER OF ACCOUNTS, CHATTEL PAPER, PAYMENT INTANGIBLES, OR PROMISSORY NOTES
BC § 9.601Title 1. UNIFORM COMMERCIAL CODE · Ch. 9. SECURED TRANSACTIONS · Art. F. DEFAULT
Statute text
View on source(a)After default, a secured party has the rights provided in this subchapter and, except as otherwise provided in Section 9.602, 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 7.106, 9.104, 9.105, 9.106, or 9.107 has the rights and duties provided in Section 9.207.
(c)The rights under Subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d)Except as otherwise provided in Subsection (g) and Section 9.605, after default, a debtor and an obligor have the rights provided in this subchapter and by agreement of the parties.
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Legislative history
Acts 2005, 79th Leg., Ch. 122 (S.B. 1593), Sec. 30, eff. September 1, 2005.