DEFAULT AND ENFORCEMENT OF SECURITY INTEREST

§9-1601.__Rights after default; judicial enforcement; consignor

or buyer of accounts, chattel paper, payment

intangibles or promissory notes

(1)__After default, a secured party has the rights provided in this part and, except as otherwise provided in section 9-1602, those provided by agreement of the parties.__A secured party:

(a)__May reduce a claim to judgment or 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 9-1104, 9-1105, 9-1106 or 9-1107 has the rights and duties provided in section 9-1207.

(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 9-1605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.

(5)__If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:

(a)__The date of perfection of the security interest or agricultural lien in the collateral;

(b)__The date of filing a financing statement covering the collateral; or

(c)__Any date specified in a statute under which the agricultural lien was created.

(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 article.