400.9-601. Rights after default--judicial enforcement--consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. - Missouri Statutes

Rights after default--judicial enforcement--consignor or buyer ofaccounts, chattel paper, payment intangibles, or promissory notes.

400.9-601. (a) After default, a secured party has the rightsprovided in this part and, except as otherwise provided in section400.9-602, those provided by agreement of the parties. A secured party:

(1) May reduce a claim to judgment, foreclose, or otherwise enforcethe claim, security interest, or agricultural lien by any availablejudicial procedure; and

(2) If the collateral is documents, may proceed either as to thedocuments or as to the goods they cover.

(b) A secured party in possession of collateral or control ofcollateral under section 400.9-104, 400.9-105, 400.9-106 or 400.9-107 hasthe rights and duties provided in section 400.9-207.

(c) The rights under subsections (a) and (b) are cumulative and maybe exercised simultaneously.

(d) Except as otherwise provided in subsection (g) and section400.9-605, after default, a debtor and an obligor have the rights providedin this part and by agreement of the parties.

(e) If a secured party has reduced its claim to judgment, the lien ofany levy that may be made upon the collateral by virtue of an executionbased upon the judgment relates back to the earliest of:

(1) The date of perfection of the security interest or agriculturallien in the collateral; or

(2) The date of filing a financing statement covering the collateral;

(3) Any date specified in a statute under which the agricultural lienwas created.

(f) A sale pursuant to an execution is a foreclosure of the securityinterest or agricultural lien by judicial procedure within the meaning ofthis section. A secured party may purchase at the sale and thereafter holdthe collateral free of any other requirements of this article.

(g) Except as otherwise provided in section 400.9-607(c), this partimposes no duties upon a secured party that is a consignor or is a buyer ofaccounts, chattel paper, payment intangibles, or promissory notes.

(L. 2001 S.B. 288)

Effective 7-01-01