Sec. 9-609. Secured party's right to take possession after default.

130 words·~1 min read·/il/chapter-810/act-5/9-609

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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 Section 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.