N.Y. Uniform Commercial Code Law § 9-601: Rights after Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes

Section 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--105A, 9--106, 9--107, or 9--107A 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.