§ 6A-9-601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. - Rhode Island Statutes

SECTION 6A-9-601

   § 6A-9-601  Rights after default; judicialenforcement; consignor or buyer of accounts, chattel paper, paymentintangibles, or promissory notes. – (a) Rights of secured party after default. After default, a securedparty has the rights provided in this part and, except as otherwise provided in§ 6A-9-602, those provided by agreement of the parties. A secured party:

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

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

   (b) Rights and duties of secured party in possession orcontrol. A secured party in possession of collateral or control ofcollateral under § 6A-7-106, 6A-9-104, 6A-9-105, 6A-9-106, or 6A-9-107 hasthe rights and duties provided in § 6A-9-207.

   (c) Rights cumulative; simultaneous exercise. Therights under subsections (a) and (b) are cumulative and may be exercisedsimultaneously.

   (d) Rights of debtor and obligor. Except as otherwiseprovided in subsection (g) and § 6A-9-605, after default, a debtor and anobligor have the rights provided in this part and by agreement of the parties.

   (e) Lien of levy after judgment. If a secured partyhas reduced its claim to judgment, the lien of any levy that may be made uponthe collateral by virtue of an execution based upon the judgment relates backto the earliest of:

   (1) The date of perfection of the security interest oragricultural lien in the collateral;

   (2) The date of filing a financing statement covering thecollateral; or

   (3) Any date specified in a statute under which theagricultural lien was created.

   (f) Execution sale. A sale pursuant to an execution isa foreclosure of the security interest or agricultural lien by judicialprocedure within the meaning of this section. A secured party may purchase atthe sale and thereafter hold the collateral free of any other requirements ofthis chapter.

   (g) Consignor or buyer of certain rights to payment.Except as otherwise provided in § 6A-9-607(c), this part imposes no dutiesupon a secured party that is a consignor or is a buyer of accounts, chattelpaper, payment intangibles, or promissory notes.