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Section 554.9609 - Secured party’s right to take possession after default.

IA Code § 554.9609 (2019) (N/A)
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554.9609 Secured party’s right to take possession after default.

1. Possession — rendering equipment unusable — disposition on debtor’s premises. After default, a secured party:

a. may take possession of the collateral; and

b. without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under section 554.9610.

2. Judicial and nonjudicial process. A secured party may proceed under subsection 1:

a. pursuant to judicial process; or

b. without judicial process, if it proceeds without breach of the peace.

3. Assembly of collateral. If so agreed, and in any event after default, a 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.

2000 Acts, ch 1149, §107, 187

Referred to in §554.9102, 554.9602, 554.9603

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Section 554.9608 - Application of proceeds of collection or enforcement — liability for deficiency and right to surplus.
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Section 554.9610 - Disposition of collateral after default.