New York Laws
Sub Part 1 - Default and Enforcement of Security Interest
9-601 - Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes

(a) Rights of secured party after default. After default, a secured
party has the rights provided in this part and, except as otherwise
provided in Section 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) Rights and duties of secured party in possession or control. A
secured party in possession of collateral or control of collateral under
Section 7--106, 9--104, 9--105, 9--106, or 9--107 has the rights and
duties provided in Section 9--207.
(c) Rights cumulative; simultaneous exercise. The rights under
subsections (a) and (b) are cumulative and may be exercised
simultaneously.
(d) Rights of debtor and obligor. Except as otherwise provided in
subsection (g) and Section 9--605, after default, a debtor and an
obligor have the rights provided in this part and by agreement of the
parties.
(e) Lien of levy after judgment. 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) Execution sale. 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.
(g) Consignor or buyer of certain rights to payment. Except as
otherwise provided in Section 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.