Arkansas Code
Subpart 1 - Default and Enforcement of Security Interest
§ 4-9-601. Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

(a) After default, a secured party has the rights provided in this part and, except as otherwise provided in § 4-9-602, 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 § 4-7-106, § 4-9-104, § 4-9-105, § 4-9-106, or § 4-9-107 has the rights and duties provided in § 4-9-207.
(c) The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d) Except as otherwise provided in subsection (g) and § 4-9-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e) 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:
(1) the date of perfection of the security interest or agricultural lien in the collateral;
(2) the date of filing a financing statement covering the collateral; or
(3) any date specified in a statute under which the agricultural lien was created.

(f) 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 chapter.
(g) Except as otherwise provided in § 4-9-607(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.

Structure Arkansas Code

Arkansas Code

Title 4 - Business and Commercial Law

Subtitle 1 - Uniform Commercial Code

Chapter 9 - Secured Transactions

Part 6 - Default

Subpart 1 - Default and Enforcement of Security Interest

§ 4-9-601. Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

§ 4-9-602. Waiver and variance of rights and duties

§ 4-9-603. Agreement on standards concerning rights and duties

§ 4-9-604. Procedure if security agreement covers real property or fixtures

§ 4-9-605. Unknown debtor or secondary obligor

§ 4-9-606. Time of default for agricultural lien

§ 4-9-607. Collection and enforcement by secured party

§ 4-9-608. Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus

§ 4-9-609. Secured party's right to take possession after default

§ 4-9-610. Disposition of collateral after default

§ 4-9-611. Notification before disposition of collateral

§ 4-9-612. Timeliness of notification before disposition of collateral

§ 4-9-613. Contents and form of notification before disposition of collateral: General

§ 4-9-614. Contents and form of notification before disposition of collateral: Consumer-goods transaction

§ 4-9-615. Application of proceeds of disposition — Liability for deficiency and right to surplus

§ 4-9-616. Explanation of calculation of surplus or deficiency

§ 4-9-617. Rights of transferee of collateral

§ 4-9-618. Rights and duties of certain secondary obligors

§ 4-9-619. Transfer of record or legal title

§ 4-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral

§ 4-9-621. Notification of proposal to accept collateral

§ 4-9-622. Effect of acceptance of collateral

§ 4-9-623. Right to redeem collateral

§ 4-9-624. Waiver