§ 25-9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
PART 6.
DEFAULT.
SUBPART 1. Default andEnforcement of Security Interest.
§ 25‑9‑601. Rights after default; judicial enforcement; consignor or buyer of accounts,chattel paper, payment intangibles, or promissory notes.
(a) Rights of securedparty after default. After default, a secured party has the rights providedin this Part and, except as otherwise provided in G.S. 25‑9‑602,those provided by agreement of the parties. A secured party:
(1) May reduce a claimto judgment, foreclose, or otherwise enforce the claim, security interest, oragricultural lien by any available judicial procedure; and
(2) If the collateral isdocuments, may proceed either as to the documents or as to the goods theycover.
(b) Rights and dutiesof secured party in possession or control. A secured party in possession ofcollateral or control of collateral under G.S. 25‑7‑106, 25‑9‑104,25‑9‑105, 25‑9‑106, or 25‑9‑107 has therights and duties provided in G.S. 25‑9‑207.
(c) Rights cumulative;simultaneous exercise. The rights under subsections (a) and (b) of thissection are cumulative and may be exercised simultaneously.
(d) Rights of debtorand obligor. Except as otherwise provided in subsection (g) of this sectionand G.S. 25‑9‑605, after default, a debtor and an obligor have therights provided in this Part and by agreement of the parties.
(e) Lien of levy afterjudgment. 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 execution basedupon the judgment relates back to the earliest of:
(1) The date ofperfection of the security interest or agricultural lien in the collateral;
(2) The date of filing afinancing statement covering the collateral; or
(3) Any date specifiedin a statute under which the agricultural lien was created.
(f) Execution sale. Asale pursuant to an execution is a foreclosure of the security interest oragricultural lien by judicial procedure within the meaning of this section. Asecured party may purchase at the sale and thereafter hold the collateral freeof any other requirements of this Article.
(g) Consignor or buyerof certain rights to payment. Except as otherwise provided in G.S. 25‑9‑607(c),this Part imposes no duties upon a secured party that is a consignor or is abuyer of accounts, chattel paper, payment intangibles, or promissory notes. (1866‑7, c. 1, s. 2;1872‑3, c. 133, s. 2; 1883, c. 88; Code, s. 1800; 1893, c. 9; Rev., s.2054; C.S., s. 2488; 1961, c. 574; 1965, c. 700, s. 1; 1975, c. 862, s. 7; 2000‑169,s. 1; 2006‑112, s. 55.)