28-9-601. 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 section 28-9-602, 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 section 28-7-106, 28-9-104, 28-9-105, 28-9-106 or 28-9-107 has the rights and duties provided in section 28-9-207.
(c) The rights under subsections (a) and (b) of this section are cumulative and may be exercised simultaneously.
(d) Except as otherwise provided in subsection (g) of this section and section 28-9-605, 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 section 28-9-607(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.
History:
[28-9-601, added 2001, ch. 208, sec. 2, p. 780; am. 2004, ch. 42, sec. 32, p. 133.]
Structure Idaho Code
Title 28 - COMMERCIAL TRANSACTIONS
Chapter 9 - SECURED TRANSACTIONS
Section 28-9-602 - WAIVER AND VARIANCE OF RIGHTS AND DUTIES.
Section 28-9-603 - AGREEMENT ON STANDARDS CONCERNING RIGHTS AND DUTIES.
Section 28-9-604 - PROCEDURE IF SECURITY AGREEMENT COVERS REAL PROPERTY OR FIXTURES.
Section 28-9-605 - UNKNOWN DEBTOR OR SECONDARY OBLIGOR.
Section 28-9-606 - TIME OF DEFAULT FOR AGRICULTURAL LIEN.
Section 28-9-607 - COLLECTION AND ENFORCEMENT BY SECURED PARTY.
Section 28-9-609 - SECURED PARTY’S RIGHT TO TAKE POSSESSION AFTER DEFAULT.
Section 28-9-610 - DISPOSITION OF COLLATERAL AFTER DEFAULT.
Section 28-9-611 - NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
Section 28-9-612 - TIMELINESS OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL.
Section 28-9-613 - CONTENTS AND FORM OF NOTIFICATION BEFORE DISPOSITION OF COLLATERAL — GENERAL.
Section 28-9-616 - EXPLANATION OF CALCULATION OF SURPLUS OR DEFICIENCY.
Section 28-9-617 - RIGHTS OF TRANSFEREE OF COLLATERAL.
Section 28-9-618 - RIGHTS AND DUTIES OF CERTAIN SECONDARY OBLIGORS.
Section 28-9-619 - TRANSFER OF RECORD OR LEGAL TITLE.
Section 28-9-621 - NOTIFICATION OF PROPOSAL TO ACCEPT COLLATERAL.
Section 28-9-622 - EFFECT OF ACCEPTANCE OF COLLATERAL.
Section 28-9-623 - RIGHT TO REDEEM COLLATERAL.
Section 28-9-625 - REMEDIES FOR SECURED PARTY’S FAILURE TO COMPLY WITH CHAPTER.
Section 28-9-626 - ACTION IN WHICH DEFICIENCY OR SURPLUS IS IN ISSUE.
Section 28-9-627 - DETERMINATION OF WHETHER CONDUCT WAS COMMERCIALLY REASONABLE.