What are the secured party's rights if the debtor defaults?

Section 9-601 and 602 of the UCC's Article 9 explicitly states the rights of a secured party following default:

  • The secured party can enforce the claim via available judicial procedure.
  • The secured party can reduce the claim to judgment.
  • The secured party can take possession of the collateral.
  • If agreed, the debtor may be required to assemble the collateral or otherwise make it available to the secured party at a reasonably convenient and specifically designated location.
  • The secured party can lease, license, or sell collateral.
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