2000 Minnesota Statutes

     336.9-601 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 336.9-602, 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 336.9-104, 336.9-105, 
 336.9-106, or 336.9-107 has the rights and duties provided in 
 section 336.9-207. 

    (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 336.9-605, 
 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 336.9-607(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. 

    HIST: 2000 c 399 art 1 s 102 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 102, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130.