Common Contracts
1 similar Secured Transactions contracts
ContractSecured Transactions • October 15th, 2013
Unless otherwise agreed a secured party has on default the right to take pos- session of the collateral. In taking possession a secured party may proceed without judicial process if this can be done without breach of the peace or may proceed by action. If the security agreement so provides the secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties. Without removal a secured party may render equip- ment unusable, and may dispose of collateral on the debtor’s premises under 5 CMC § 9504.
