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Section 12A:9-609 - Secured party's right to take possession after default.

NJ Rev Stat § 12A:9-609 (2019) (N/A)
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12A:9-609 Secured party's right to take possession after default.

12A:9-609. Secured Party's Right to Take Possession after Default.

(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:

(1) may take possession of the collateral; and

(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under 12A:9-610.

(b) Judicial and nonjudicial process. A secured party may proceed under subsection (a):

(1) pursuant to judicial process; or

(2) without judicial process, if it proceeds without breach of the peace.

(c) 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.

L.2001, c.117, s.1; amended 2001, c.386, s.98.

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Section 12A:9-608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
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Section 12A:9-610 - Disposition of collateral after default.