Iowa Code § 554.9609
Secured party’s right to take possession after default
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2013
As of January 1, 2012
1. Possession — rendering equipment unusable — disposition on debtor’s premises. After default, a secured party:
1. Possession — rendering equipment unusable — disposition on debtor’s premises. After default, a secured party:
a. may take possession of the collateral; and
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.
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:
2. Judicial and nonjudicial process. A secured party may proceed under subsection 1:
a. pursuant to judicial process; or
a. pursuant to judicial process; or
b. without judicial process, if it proceeds without breach of the peace.
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.
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.
Referred to in
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.